When To Use St Nd Rd Or Th For Dates How Hard Money Lenders Can Help You During COVID-19

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How Hard Money Lenders Can Help You During COVID-19

Even as cities across America reopen, some families are stuck trying to navigate the disruptions caused by Covid-19. If you find yourself falling into this category, you may be exploring all the different options to earn a little extra cash, especially when dealing with real estate matters. Have you considered what a hard money lender can do for you?

What is Hard Money Lending?

Hard money lending is a form of financing that is based on assets. Funds to the borrower are secured by the equity value of the property. Hard money loans have higher interest rates than loans secured by a financial institution. These types of loans are funded by private institutions that are secured by notes to private investors.

It works like any other loan. You continue to make monthly principal and interest payments on the amount you borrow. You will have repayment terms that you must adhere to just like any conventional loan.

Facts About Hard Money Loans

Here are some of the characteristics that characterize a hard money loan:

  • These loans are broker protected

  • Residential and commercial loans

  • Said loans

  • Terms can range from 11 months to 5 years

  • 1St2N.DAnd 3rd Condition on all properties

  • No cash-out restrictions

  • Previous bankruptcies, short-sales and foreclosures are fine

  • Amortized and interest only programs

  • Loan can be approved within 6 to 24 hours

Getting approved for a loan

This type of loan requires you to have equity in your property. Once the lender sees the equity in the property, they will begin the general lending process. The amount you borrow will be determined by the amount of equity, ability to repay, debt-to-equity ratio and your long-term goals with the property.

Your lender should advise you about all the fine details of the agreement like interest rate, prepayment penalty, terms, costs, title issue, other important loan details.

Contact a local lender to see what your options are and how a hard money loan can help with your COVID-19 crisis.

How Hard Money Loans Can Help During COVID-19

If you have a property with equity, you can use it to get a loan. During COVID-19, often when it is at its peak, you may have had problems handling all your bills. If you are struggling to get a loan and need extra cash to help you through this pandemic, you may want to explore loans and see if you qualify.

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