what is a hard money mortgage loan
What is Residential Hard Money Lending? The definition of "residential hard money" when referred to in real estate financing, is essentially a non-bankable loan on an investment single family home (or duplex). The name residential hard money is frequently interchanged with "no-doc", private loans, bridge loans, etc.
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But what if your home has lost value since you bought it? What if you are underwater on your home loan, meaning that you owe more money on your mortgage than what your residence is worth? It’s not.
Hard money loans, also called bridge loans, are short-term loans that are commonly used by investors, such as house flippers or developers who renovate properties to sell. They are usually funded.
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A hard money mortgage loan is designed explicitly for investment properties, and their primary role is to financing the purchase of a real estate.
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It can be difficult to get a traditional loan on an investment property because traditional banks are hesitant to lend money when a property is in such bad condition. Hard money loans are one way real estate investors can obtain financing. Here are the basics of the hard money and the pros and cons of this type of loan.
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A hard money loan secured to real estate is a loan that is not purchase money. It is money loaned to a borrower, which is not always used to buy a home. You can get a hard money loan without owning a home at all — without any security for that loan — providing the lender feels you are a good credit risk.
Hard money loans are funded by a private investor or a group of private investors, instead of conventional mortgage lenders such as banks. Terms of hard money loans are usually short term, in the range of six months to one year.
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