A hard money loan revolves around real estate but it isn't a regular mortgage. It is rarely offered by regular banking institutions. Hard money loans are secured by the value of real estate that doesn't qualify for traditional financing options like a 30-year fixed rate mortgage. For example, the property owner may be in arrears in payments on his current mortgage or the property may be involved in a foreclosure or bankruptcy. A private investor or group of investors could step in to help save the property from foreclosure, but at a high cost to the property owner. Usually such investors will only lend up to seventy percent of the value of the property and at a high rate of interest as well. That way they are assured of coming out on top whether or not the borrower can repay their loan. This is definitely not your father's old world corporate credit option.
But often this is the only type of loan that will do the job. Unfortunately, these types of investors aren't always easy to find. They are private investors who don't advertise their services to the general public. That is why a hard money lender list is a valuable asset to investment firms, real estate professionals, and to anyone who finds themselves in need of this type of loan.
Real estate professionals like agents and brokers compile these lists to further their own investing goals as well as to service their real estate clients. They understand that not everyone will qualify for traditional mortgage lending and some property owners will need to find sources of funding fast. Other real estate professionals find that these hard money lender lists are invaluable, too, when it comes to servicing their own customers. But they don't have the time or the connections to create such a list.
Hard money lender lists are available online through organizations or individuals who have taken the time or acquired the names and contact information of reliable private lenders. As stated earlier, these are valuable assets and the information is not given away to anyone who asks. Owners of such lists usually require that an account be set up or some sort of subscription be instituted by those who seek the names of the investors on the lists.
Lists of hard money lenders contain a lot of information on the investors. Names and contact information, the maximum and minimum amounts of money they are willing to invest, how long they have been in business, and what types of property they are interested in are just a few of the facts that are compiled.
But just gaining access to such a hard money lender list won't guarantee a loan. Hard money lenders are far more discriminating investors than the average institutional bank or other type of private lender. They will look deeply into the credit history of a potential borrower and may require a personal guarantee on the loan in addition to collateralizing the property itself. They will consider the property owner's employment history and what other assets he might own. But such private lenders can be more flexible than traditional lenders. They are interested in high returns to they are usually willing to take greater risks. If you are in danger of foreclosure or bankruptcy, or if you credit score just isn't up to par, a hard money lender might be just the lender you're looking for.
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