Basic Of Hard Money Loan

Hard money lendersThere are many sources to get loan for a business and residential indeed. Banks, NGO farm, financial organizations and private money lenders are lending money. Private money lenders are different than others. Private money lenders are also known as hard money lenders.

What private money lenders givingThey are providing hard money loan. Hard money loan is known as a non-conventional loan. This loan is not made by traditional bank. There are no effects of government rules and guidelines in hard money loan. It has over 50 year’s history. People are using this term from 50 years ago. Real estate businessmen are funding through three ways. These ways are banks, intermediate lenders and hard money lenders. There are many people who have no solid idea about hard money loan. And for this reason many people fear to use hard money term to arrange any fund. So, it is so much important to know about hard money loan deeply.

First process of hard money loanHard money loan is a kind of loan which is based by real estate collateral value. A borrower is borrowing loan from hard money lenders using his real estate property as collateral. Property is playing the main role to making a hard money loan. Hard money lenders are providing loan on “Loan to Value” that means LTV.

2nd Process of hard money loan

After repairing a property, the value of the property is make the amount of loan which he can obtain from hard money lenders. Hard money lenders are taking high interest which is not lower as banks and any other conventional ways. But it is also being accepted that hard money lenders are many taking risks which a bank cannot accepted. They are providing loan with bad or poor credit score. Less documentation needed to make the fund of hard money loan. They are also having the ability to speed funding which a bank not has. And the lower requirements of qualify is attracting people most. People who are facing home foreclosing or who need money urgently, mostly they are using hard money term to obtain loan. On the other hand banks and conventional lenders are not lending money on the properties which are also facing home foreclosing. You will be happy to hear that hard money lenders are also lending money on that type of property which has no tenants or renter. But banks and conventional lenders are not lending money on that type of property.

Timing of hard money loanA true hard money lender can fund within 7 business days. Normally hard money lenders are funding a loan within 2/3 weeks. And this speed funding ability makes it different than others. Although this funding option is based on collateral value but if you will make sure to have a good credit score and income information then its will help you most to obtain the loan easily. A good planning can help you mostly to get hard money loan easily. You also can get more information about hard money loan from http://en.wikipedia.org/wiki/Hard_money_loan. Here you can know about the definition of hard money loan and the structure of hard money loan. Every issue of hard money loan is widely described here.

Basic of hard money

If you are looking for hard money lenders in your state then you can contact with Lending Universe Inc. It is a popular platform of hard money loan. Here you can find many registered and verified hard money lenders in their database to lend you money. If you apply for hard money loan through Lending Universe then you will get many bids from lenders according to your application. You will get your own loan control center and this service will be visible till close the loan. You also find here many registered loan brokers. Here are also verified appraisers to evaluate your property accurately. Here are also many registered real estate agents. From here, anybody can apply for a loan from anywhere in the world.