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What are Basic Facts Concerning Hard Money Loans
The greatest benefit of a bridge loan is the fact that the lenders major concern is the value of the property; they don’t care for you personally. The property secures you the loan that was offered, not your present credit status. The value of the property is the crucial thing in money loans.
The period of a bridge loan is about one to six-months; though you would be able to get an extension up to two years. These loans are different from your average banks. It is very flexible, that’s why you will get approval or get rejected as fast as 2 days.
The lender might ask you why you are applying for hard money loans rather than traditional loans. There are various reasons why the consumer may think about using hard money loans. Most probable your answer will be that you need the money right now and not when the opportunity you are looking for has likely passed, or you may answer that your credit is far from perfect, etc.
What the hard money loans lenders would want to be informed about could be: the type of collateral, the amount you own, what the value of the property is and where it is located, and, first of all, how are you going to pay back the loan.
Most bridge loan companies want to get you as their client and will try to offer you 60% – 75% financing. (Sometimes you can get 100% financing in case there are extra assets put into the deal.) In the vast majority of cases, the hard money lenders would be private providers, and usually you won’t be able to get 100% of your property value. There is low loan to value in order to protect the provider if there is default on the loan.