Hard Money Loans (also called "Private Money Loans") provide creative and fast access to both private and institutional funds when conventional financing may be inappropriate or undesirable.
Usually this means a loan where the commercial hard money lender can approve the hard money business loan request based upon the value of the assets and the equity in the asset, side stepping much of the usual time consuming documentation and verification that a lender might require to lend the same amount of money under "Soft" terms.
Hard money loans are those loans usually funded at a higher cost to the borrower in exchange for the ease and speed of obtaining funding if he is in a hurry and can't afford to wait for weeks for a traditional lender.
A hard money loan is
based upon the sale of the real
assets or collateral anchoring the
loan without significant regard to:
The borrower
The borrower's income
The borrower's employment
The borrower's credit
The borrower's tax returns
The borrower's assets
The hard money lender will tend to
overlook many items that are
critical to a traditional lender and
soft money loan. These overlooked
details will include:
Foreclosures
Bankruptcies
Judgments
Credit dings, dents, & damage
No credit record or citizenship
Unreported income
Unknown sources of down payment
The number of outstanding mortgages
Hard money loans are quick and the terms are flexible. The product fulfills a need for many seeking financing with a profile traditional, conforming lenders cannot service.
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Need Private Money Loans
Got a tough deal in the works? We
can deliver fast! Call us toll-free
at (866) 202-0305, or fax us an
executive summary at (801)
730-1024,or
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