Some basic knowledge about loan

Loan plays a vital role in our life. People use loans for a variety of reasons and things. There are many types of loan. Such as home loan, real-estate loan, hard money loan, car loan, SBA loan, commercial loan etc.

Before taking loan you should have some basic knowledge about this.

What are the requirements of bank loan?

v  If you want take loan from bank then you have maintain some rules.  Bank has some condition. Firstly you have to good credit. Secondly your present job, income. Then comes where you invest this money and how much profit will come from this project etc. After that they will be able to give you loan, otherwise they will not give you loan.

What is hard money loan?

v  Hard money loan which is a specific type of asset based loan. Hard money loans are typically issued by private investors or companies. This loan is also known as private money loan. Actually hard money lenders are giving you loan by your property value. Sometimes lenders are giving you 65%-75% LTV (loan to value). Hard money loan is a short time loan process. Although, it is depend on lenders choice.

 What is the interest rate?

v  The interest rate of hard money loan is greater than any other residential or conventional loan. The rate is not dependent on the Bank Rate. It is instead more dependent on the real estate market and availability of hard money credit. As of 2008 and for the past decade hard money has ranged from the mid 12%–21% range. That rate can be increase up to around 25%–29%.

      What is SBA loan?

v  SBA-guaranteed loans are made by a private lender and guaranteed up to 80 percent by the SBA, which helps reduce the lender's risk and helps the lender provide financing that's otherwise unavailable at reasonable terms. Its interest rate is depends on loan duration. If the loan has a term of seven years or more, the SBA allows the lender to charge as much as 2.75 percent above the prevailing prime rate. If the loan has a term of less than seven years, the surcharge can be as much as 2.25 percent. 

Where can I get verified hard money lenders?

v  For verified hard money lenders just go to “www.lendinguniverse.com”. Who provides you hard money loan. It has other services also. Such as real-estate loan, home loan, mold inspector, home inspector, home designer, Architect, cleaning services, construction contractor, notary public, home insurance, buy and sell property, credit card, appraiser etc. This is the best site for hard money loan and also for other services. From “lending universe”, you will find more than 10000 hard money Lenders and a huge collection of loan brokers also. All of them are registered. They are always ready to give you a hard money loan and broke the loan.

In “www.lendinguniverse.com”, you will find a real-estate loan from 27439 companies; you can also find 17,664 Appraisers  from here. Lending Universe is a leader for finding the right notary public for each and every situation. With thousands of Notaries Public professionals in their search database now. For your credit card you can apply here. Because here you can find more than 100 companies who will give you a credit card. There is a huge collection of buy and sell properties. You can easily buy your properties as your choice and also sell your properties from here. There are 15603 Real Estate Agents   and about 4525 number of Home Insurance Agents .

For details know about hard money loan and other option please follow this website: http//ww.lendinguniverse.com/.