Hard Equity / Money Loans that we offer can be used when a borrower getting approved for aloan due to: Credit, Income, Employment. These loans can also be used when a borrower needs to close quickly on his real estate investment purchase or refinance.
This type of loan focuses mainly on the property and not on the borrowers qualifications himself.
These loans typically come with a slightly higher interest rate, fees, and a lower maximum loan to value than a traditional loan.
For example if a borrower is currently not working, has no income, or has had very bad credit a hard money loan will still be a good option.
These loans are also very popular with foreign nationals as no proof of income or employment is used.
Typically a hard money loan will go as high as 70% loan to value on a property, but lower loan to value on vacant land. Rates can be anywhere from 7.5% to 12.99%, terms are normally interest only payments for a short period of time. The longest these loans can be stretched to would be 5 years.
If you have equity in a property you can use a hard equity loan for cash out, or also to make a purchase. These loans can be used for almost all kinds of properties except a primary residence. Please contact us for further information.