HARD MONEY LOANS FOR FIXUP AND REHAB
NATIONWIDE GOOD AND BAD CREDIT IS OK
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Usually made by private investors and not by banks, the hard money lenders main concern is that his entire principal will be returned if there is a problem with the property. So he lends much less, as a percentage, than a bank would.
He also knows there are more risks because the investment property is usually (but not always) in various stages of disrepair, your basic fixer upper house. He is compensated with a slightly higher interest rate and more upfront fees know as "points" A point is one percent of the loan balance to be borrowed.
For the real estate investor this is a virtual goldmine. If you are able to secure a contract on a handyman special that is undervalued you may be able to get a loan for 100% of the purchase price and the fix-up costs!
The hard money lender is going to base his estimate of value on the price the home will sell for AFTER it is repaired (ARV). Some lenders will even lend you some or all of the fix up money.
People always ask: Why is the interest rate so high? The interest rate may appear high as compared to the interest rates you might pay on say an owner occupied mortgage loan. In reality that is short sighted thinking. You have to look at the situation as "access to capital".
With no money in your pocket, sometimes no credit or income verification, you are able to borrow tens of thousands of dollars, maybe even hundreds of thousands, simple because you have secured a contract on an undervalued handyman special.
Get all the money to need for your project. Loan for Good and Bad credit you can start your projects fast . apply on line get the money you need today. private money hard money for all kinds of projects.
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