what is a hard money mortgage

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A hard money loan is an asset-based loan. One of the biggest factors affecting the approval of a traditional loan is your credit history and income. Lenders want a candidate that possesses a reputable re-payment history because this demonstrates the consumer’s ability to repay loans.

hard money loans, sometimes referred to as bridge loans, are short-term lending instruments that real estate investors can use to finance an investment project.This type of loan is often a tool.

Hard money is money from hard money lenders. These are lenders in the money lending business and in far, they supply capital to typical borrowers in the real estate industry. Private money is generally money or funding provided by a friend, family member, business partner or any other acquaintance.

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Hard money lenders would consider lending to these people if they can be assured that, if the loan goes into default, they can sell the house, pay off the first mortgage and still earn a profit.

With a hard money loan, your credit score plays no factor in loan eligibility. Hard money lenders fund based on the quality of the property, rather than the credit quality of the borrower. Therefore, you are more likely to receive funding for a hard money loan, and more quickly, too.

Here are common types of hard money loans: Equity Loans are Hard Money LoansHome equity loans fund fairly quickly and are subordinate to an existing first mortgage. Bridge Loans are Hard money loansbridge loans are used by sellers who want to buy a new home before selling an existing home but need.

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