any one out there that want work hard money loan. Looking for better than what the bank can give. I have great credit. Hit me back.
2007-07-17 11:27:33 · 4 answers · asked by kona1277 1 in Business & Finance ➔ Personal Finance
A hard money loan is NEVER better than a bank can give. Anyone that tells you otherwise is ripping you off.
2007-07-17 12:45:34 · answer #1 · answered by STEVEN F 7 · 0⤊ 0⤋
A hard money loan is not based on you or your credit, but almost totally on the value of the property. Normally these loans are used for very short term purposes, say during a rehab of a gutted building. They will normally lend 60%-65% of the repaired value of the property, although you can sometimes get someone who will finance up to 90% (very rare). The interest rates are extremely high, normally 12-25%. They should NEVER be considered an option to get you out of a bad mortgage. It is like getting a payday loan. You get some money now but then they will own you until they suck all the money out of you. Only use a hard money loan if you have a solid exit strategy that will get you out within 3-6 months. To me, it sounds like you have two realistic options: 1) Bring in a partner, someone with some good credit who can help you get a loan. 2) Sell
2016-05-20 22:19:01 · answer #2 · answered by Anonymous · 0⤊ 0⤋
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2014-07-03 22:01:37 · answer #3 · answered by ? 2 · 0⤊ 0⤋
Don't pay attention to the people on here who are
trying to Scam you. Beware of Advance fee Loan scams.
2007-07-17 13:15:00 · answer #4 · answered by Mr. Blue 4 · 0⤊ 0⤋