Hard money loan
Now- a-days hard money loan is so popular in the world. This
is popular because it has advantages. That’s why hard money is getting so
popular. Now I have to giving you something about hard money loan.
Some advantages of hard money loan-
v
Traditional loans are designed to be paid off in
15 to 30 years. On the other hand hard money loan are designed for to be paid
back within 1 to 3 years.
v
Hard money loans are tied strictly to collateral
which means much of the paperwork for credit cheeks, etc is eliminated. For
traditional loans, it takes some weeks and for hard money loans it takes few
days only.
v
When paying off a traditional loan, if you pay
it off early, you usually have to pay a penalty. With a private capital loan, they expect it
to be paid off early so there is no penalty involved.
v
As we get hard money loan very fast as we like.
So the interest rate of hard money loan is higher than traditional loan.
v
Although bridge loan are intended to be
short-term loans, if something will happen and the loan needs to be extended,
doing so is extremely easy you usually have to completely refinance a
traditional loan if you want the loan terms to be expended or changed.
v
Traditional loans are designed for entire amount
of property and hard money loans are designed for giving 60%-70% by the
property value. What means you need not to pay extra charge in hard money loan?
v
A bridge loan is designed to help with as
short-term situation where other financing is being sought. This enables a
developer on reseller to acquire land or property quickly while longer term
financing secured. Traditional loans take farther long to acquire for such a
quick process.
v
Traditional loans are usually from public
institution such as a bank or a mortgage company. Which means they have to be
careful with their capital as if is “public” funds. A private capital loan is
financed by a private company which can be more speculative with their money.
This means you can get a hard money loan or bridge loan when traditional lender
won’t lend. You can’t beat a hard money loan when used as a tool to become more
successful.
For taking a hard money loan you have to select a verified hard
money lender. Because it is much need for you. If you do not choose verified
hard money lenders then you will suffer in the long run. For your verified hard
money lenders you can find them in “www.lendinguniverse.com”. “www.lendinguniverse.com” is one of the
best site for hard money loan, lenders etc. There are more than 10000 verified
hard money lenders. They are able to give you loan within short time and with some
simple condition. You can trust 100% about the lenders from www.lendinguniverse.com. For further
information please visit- http://www.lendinguniverse.com/
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