Hard money lending is an alternative source of money for individuals seeking a mortgage. Additionally, those who are in a unique mortgage situation can find assistance through hard money lending. If you're curious about hard money lending, just keep reading.
A hard money lender is a private lender who offers hard money loans to individuals. A hard money loan is a type of loan where the amount of money provided in the loan is based on a property value. Often times, hard money loans are for people in the real estate business who flip and develop homes. With a hard money loan, these individuals can receive the money they need, based on the value of the home they are flipping.
Hard money borrowers can secure their loans through equity, as opposed to creditworthiness. As an equity-based loan, individuals can get the money they need faster and more efficiently.
There are several reasons to consider a hard money loan for your financial situation. As mentioned previously, if you are a property flipper, this type of loan provides stability. Another reason you may want to consider a hard money loan is if you don't quality for a traditional bank loan. Finally, homeowners facing foreclosure with substantial equity in their home make excellent candidates for a hard money loan.
Traditional bank loans can be difficult to receive approval for, especially if you have no credit history or poor credit history. Self-employed individuals may also face problems when applying for a traditional bank loan, but this is not the case with a hard money loan. Based on equity, individuals of any financial circumstance can get the money they need.
Considering a hard money loan? If so, get in touch with AHL Hard Money Network. It is our goal to provide you with the money you need, so text or call 813-516-5210 now!