Anyone Use Hard Money?

[lvhardmoney]

There are several hard money lenders across US states. Use a hard money lenders directory to find one.

[lvhardmoney]

A hard money loan is a species of real estate loan collateralized against the quick-sale value of the property for which the loan is made. Most lenders fund in the first lien position, meaning that in the event of a default, they are the first creditor to receive remuneration.

Hard money lenders structure loans based on a percentage of the quick-sale value of the subject property. This is called the loan-to-value or LTV ratio and typically hovers between 60 and 70% of the market value of the property. For the purpose of determining an LTV, the word "value" is defined as "today's purchase price." This is the amount a lender could reasonably expect to realize from the sale of the property in the event that the loan defaults and the property must be sold in a one- to four-month timeframe.

Source: Wikipedia

[lvhardmoney]

Hard Money is a term that is used almost exclusively in the United States and Canada where these types of loans are most common.

Source: Wikipedia

[hazelwright]

Yes, and so far I haven't encounter any problems. You can go to rehabhardmoney.com , they have huge list of [hard money lenders that could provide you the loans you need.

[manilaestates]

I never use hard money. Those services are very expensive. Most of the time, they lend money for the short term, and the loans need to be paid in a few months or just a few years. Appraisals are also quite low. If a property is appraised for $500,000, lending companies might only lend $150,000.