So what are a Hard Money Loan \ private mortgages anyway...?
A private mortgage is simply a short-term loan secured by real estate funded by private investors, a fund of investors or B lenders.
Multiple reasons could prompt homeowners to opt for a second mortgage:
Debt Consolidation, Mortgage Refinance, Business Investment, Unexpected Expenditure, Home Renovation, Consolidating High-Interest Debts, Self-employed with unverifiable or fluctuating income. Investment in Real Estate, Non-residents inability to quality, Bridging Finance, Education, Medical Expenses and much more.
The amount the mortgage lenders can lend to the borrower is primarily based on the property's value, location and property type.
While many larger financial institutions, mortgage providers are constrained by a lack of flexibility. Private mortgage lenders are much more flexible and make funding simple, quick and easy. Since mortgage payments are Interest only, it increases the borrower's cash flow. It provides temporary short-term lending solutions that can benefit the borrower's credit score and allow him to refinance with a traditional Bank after it. This has made Private Mortgage a popular alternative solution. If you a lender or a borrower - we are here to Help You.
Contact our Mortgage Professional today.
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