Explore Hard Money Equity Loans with Expert Hard Loan Lenders. When conventional banks are unable to provide timely finance, hard money loans are the ideal choice. With the help of these loans, you can be sure you'll have the money you need when you need it.
Since Lord Mortgage and Loan is your go-to hard money lender for business, trust us if you find yourself in sudden need of money. If you are searching for hard money loans near me? We are one of the top hard money lenders with a handy location close to you.
A hard money loan is a type of loan used to purchase or refinance/cash out when banks aren't able to provide financing. At Lord Mortgage & Loan, we’re your source for hard money loans. We offer the private funding options you need to acquire your property; and because we work differently than a bank, we’re able to offer a quick, hassle-free closing.
Call Lord Mortgage & Loan today to learn more about our hard money loans and find out whether private funding is the right option for you.
Hard money loans are collateralized by investment real estate. The property serves as the primary security for the loan. Unlike traditional bank financing, hard money loans can be obtained quickly and are typically offered with little documentation.
Since hard money loans are based on the value of the underlying property, they are typically used for fix and flip projects, or for purchasing and holding investment properties.
The main downside to a hard money loan is the interest rate. They are typically higher than traditional bank loans. However, the speed at which you can obtain a hard money loan can make it worth the extra cost.
If you are looking for a way to get into the investment property market quickly, and have some assets to use as collateral, then a hard money loan may be right for you
Now that you know a bit more about hard money loans, you may be wondering if they are right for you. Here are a few things to consider:
1. Hard money loans are collateralized by investment real estate. The property serves as the primary security for the loan. This means that if you default on your payments, the lender can take possession of the property to reimburse themselves.
2. Since hard money loans typically have a higher interest rate than traditional bank financing, it is important to do your due diligence and determine if this type of loan will work for you financially.
3. Unlike traditional bank loans which typically offer "amortization" (a loan that is repaid over a set period of time with equal payments), hard money loans are typically "balloon" loans. This means that you will have to pay the entire loan amount back at the end of the term.
4. Hard money loans can be obtained relatively quickly, sometimes in as little as a few days.
5. Even though hard money loans are interest-only, they typically have a longer-term than other types of financing options. This means that there are monthly payments required, just like with any other type of loan or mortgage.
Finally, since you are borrowing against the value of your investment property, it is important to keep an eye on the market and make sure that your property is not worth less than the amount you owe on it. Otherwise, you could find yourself in a difficult financial situation.
If you are thinking of using a hard money loan to finance your next investment property, be sure to do your research and understand all of the terms and conditions involved. Hard money loans can be a great way to get into real estate, but only if you are careful and do your homework.