What is a “hard money loan”? How do you get one?
Jul 11, 2009
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Hard Money Loans
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2 comments
Tasha on July 11, 2009 at 1:08 am
Hard Money Loan is basically a "Sub-prime Loan" that works on collateral based underwriting. It puts more emphasis on the lendable equity in your property rather than on your credit. You can say that it is more of an equity based loan.
Simply because it is more of an equity based loan it does not mean that only people with credit problem apply and get hard money loans. Many borrowers of hard money loans have good credit. The only reason they go for a hard money loan is because it is FAST! And because it cuts through the red tape. And the borrower, especially the self-employed borrower, does not have to provide income verification. It is not uncommon to get funding in 5 days if the borrower can provide the necessary information on time. Hard money loans are also used for bridge or short term financing.
imisidro on July 11, 2009 at 1:08 am
Basically, you have to have collateral as the loan is secured by the value of a parcel of real estate
Private lenders giving hard money loan typically don’t care about your credit score as they look at the value of your real estate