How to Buy a Home with a Private Money lender

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Your credit score shouldn’t be the only thing standing between you and a home. While a bad credit score might make getting a loan impossible, it doesn’t mean you have to say goodbye to your dreams of homeownership. Nearly one-third of Americans have a bad credit score, meaning one in three people can’t get a bank loan to help them buy a house. But without a bank loan, it is virtually impossible to save the cash to buy a home up front. That’s why so many potential homeowners choose to work with a private money lender. With private lending, they can finally get the home…
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Why Commercial Hard Money Loans are Beneficial for Real Estate Investors

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When it comes to real estate investments, commercial hard money loans are usually one of the go-to options for investors. They are ideal solutions to those situations when you need loans quickly. Depending on your lender, there are several requirements that you’ll need to fulfill. Most importantly, you need real estate assets to use as collateral. Lenders may also require income documentation, credit score, and debt coverage figures. Whatever the case, here are reasons why commercial hard money loans make ideal options for real estate investors. 1. They Have Fast Approvals Unlike traditional loan options, a hard money loan usually has few requirements thus a…
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How To Get a Hard Money Loan in California

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In an ideal world, we would be able to make all our purchases in cash with zero debt. In our current economy, however, that’s simply not possible. When it comes to big purchases like a house, or a car, or to large, unexpected expenses, sometimes the only option for Californians is to take out a loan. For some borrowers, however, conventional financing options aren’t an option. For instance, some studies show that as many as 21 percent of borrowers are denied when seeking a home mortgage. Factors like poor credit, insufficient income history, or additional debt can all factor into loan denials for prospective borrowers….
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What You Need To Know About Hard Money Loans

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hard money personal loans

Are you in need of a hard money loan? You may have a need for some extra cash to pay for an unexpected expense. These loans are short-term and secured by real property. The length of the loan can be anywhere from two to five years. Read on to learn more about hard money loans! Interest Rates One important aspect of your hard money loan is the interest rate you will be charged. When you borrow money, you will pay back the original amount loaned, called the principal, plus the interest. The interest is what it cost you to borrow the money. For example, if you…
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6 Facts Hard Money Loans Are Not As Bad As the Rap They Get

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Consider taking out a loan with a private lender instead of with a bank to save you time and money.

Hard money loans are a home loan option for borrowers who have credit issues, little to no income documentation or a property with problems and cannot qualify for a conventional loan. They are issued by private financial specialists or organizations rather than by a bank, which permits more adaptability in setting terms and assessing risk. 1. Simpler Loan Applications Since complex bank guidelines are not included, the hard money application process is simpler and can frequently be approved in a shorter amount of time. Credit scores can typically be lower with hard money loans. Less income documentation is required as well. In addition, unlike banks…
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6 Things You Should Know Before Getting A Hard Money Mortgage Loan

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Hard money loans are different than bank loans. The way risk is assessed, the documents required and the loan terms are often different and more flexible in comparison to bank loans. This allows the hard money lender, such as ourselves, to be more creative in creating the financing solution you need. 1. Interest Rates Are Higher Interest rates for hard money loans are going to be higher than bank loans. When you borrow money, you will pay back the original amount loaned, called the principal, plus the interest. The interest is what it cost you to borrow the money. Most hard money loans have interest…
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7 Things to Consider When Choosing a Private Money Lender

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Factors to consider when seeking out a private money lender

A private money lender, as the name suggests, is a person (non-institutional) who avails money mainly on a short-term basis to an individual without the major formalities required by institutions such as banks when lending money. When you want a loan on a short term basis without much documentation then this is the best option. Private money lending is famous for the convenience it avails to persons who require financial funding but may fail to meet the threshold of banking institutions. Bearing in mind the minimal formalities, it brings about risk in dealing with such transactions as you also don’t want a fraudulent money lender…
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Why Private Money Lenders are a Great Way To Finance Property

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Why private money lenders are great for investments or property

Most of us at some time or another have considered the benefits of buying investments or buy-to-rent properties, either to raise cash or as part of a longer-term investment strategy. However, most of us do not have the expertise, capital, or income to be able to take the first step on the ladder. Banks and other corporate lenders will not provide money because you will fail their income-to-debt ratio tests, or perhaps you have a justifiable fear of moving to other capital sources feeling that they are somehow less reputable or more expensive. Another good reason is employment status. Many traditional lenders will not make advances to…
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Don’t Make These 7 Personal Loan Mistakes

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Don't make these 7 mistakes with personal loans

At some point in your life, you will probably be applying for a personal loan to finance your dream home. However, it is important for you to be extra careful when applying for a personal loan. There are a few common mistakes people make that end up jeopardizing their financial status. Let’s have a look at a list of seven common mistakes that people tend to make while availing a personal loan, or an installment loan. 1. Grabbing the first loan that is offered Since an individual loan is an unsecured loan which does not require you to provide collateral, the rates of interest are…
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8 Ways to Boom Your Business with an Unsecured Business Loan

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8 Ways to Boom Your Business with an Unsecured Business Loan

Businesses require funds to finance their operations. Finances to fund businesses are not readily available due to unfavorable changes in the world economy, such as recession and inflation. These factors make lending a very expensive affair. As an entrepreneur, you must come up with ways of getting funds to finance your activities at a very low or no cost. The following are ways in which an entrepreneur can finance their business with unsecured business loans. 1. Unsecured loans This is a crucial source of funding as it cushions the owner of the business against the risk of closing down when the funds to finance operations are drained….
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