how does hard money lending work

Hard Money Loans – How It Works Learn the steps to get funded fast! At New Silver, we know what real estate entrepreneurs need – fast, easy application process, competitive rates and quick approval.

How hard money loans work. The borrower makes a balloon payment at the end of the loan to repay the principal. The loans usually cover from 60 to 80 percent of the properties after repaired value (ARV). Hard money loans have high interest rates, loan origination points and lender fees and charges.

Collateral – With a hard money loan, the property itself usually serves as collateral for the loan. But again, lenders may allow investors a bit of leeway here. Some lenders, for instance, may allow you to secure the loan using personal assets, such as a retirement account or a residential property you own.

Learn how such loans work to see if they’re a good fit for your investment goals. Understanding What a Hard Money Loan Is. Simply put, hard money loans are a type of short-term financing, usually about 12 months, that’s secured by a real estate property.

How Hard Money Loans Work. The borrower makes a balloon payment at the end of the loan to repay the principal. The loans usually cover from 60 to 80 percent of the properties after repaired value (ARV). Hard money loans have high interest rates, loan origination points and lender fees and charges.

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Hard money loans are generally lent to borrowers to finance real estate investment opportunities or other collateral backed loans; they are funded by private investors as opposed to banks. A hard money loan might be an appropriate option if you do not have a high enough credit score to secure a loan from a bank.

Generally, hard money lenders will work with first time flippers if they meet the lender’s other qualifications such as having enough cash reserves and downpayment, a qualifying FICO score, a property that they want to lend on and are purchasing in an area where they lend in.

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