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ReHab Hard Money Loans
Hard money loans are provided to re-habbers in need of a short-term
financial solution until the property can be renovated and re-sold at a
higher price. Hard money can work well in this situation because of its
quick turnaround time and direct funding.
When working with a bank, problems may delay a sale, forcing a higher
price from the seller. Rehabbers turn to hard money lenders to get them
funding fast enabling them to make a deal taking advantage of a low
purchase offer quickly.
Construction Loans
Construction loans from hard money lenders can fund the gap between
project completion and standard funding by banks or other lending
institutions. You can collateralize a finished project or finished
portion of a project to generate capital for another construction
project or phase.
Property Purchase
Borrowers interested in purchasing real estate property may find that
credit scores, legal obstacles or conditions related to the property
itself (such as incomplete buildings, damage, etc.) may prevent standard
funding from banks.
In such cases, hard money loans offer a perfect short-term fix. Funding
can allow for time to find a permanent solution and receive a lower
interest rate loan from a bank.
Re-Finance
Hard money loans may be used as a temporary solution to obtain a
re-finance for a commercial, investment or residential property. Hard
money loans for refinance are often completed in a situation
where quick, available funding can help to make a deal work. |
