Almost a year into house-hunting, Leff has learned some hard lessons on being a buyer in what still remains. It’s still not easy to find a home and you want every advantage possible when you submit.
With the internet as swift as it is, you can simply Google “hard money lender ” to get a list of lenders close by. You will cross through a stream of ads and then the top listings for your area. The problem with this method is it can feel like walking down a dark alley and asking Guido to see The Boss .
“Hard money” lending got its name back during the Great Depression. could be because these loans were hard to get, or hard to pay back.
Now, you will find that many hard money lenders, if they want to stay in business, require more than just equity to qualify. This is because the laws now are favorable for consumers. Consumer protection laws, time consuming and expensive court procedures, and so on have forced some hard money lenders to become even harsher when applying for a loan.
· Hard money loans are intended for tactical, short-term use. The maximum loan-to-value ratio comfort zone for hard money lenders ranges from 50 to 70 percent of the property’s market value. Hard money lenders are usually private investors who want to invest in short-term real estate projects as a means to earn a high rate of return on their cash. Most hard money lenders work in a limited area.
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Hard money lenders are usually affiliated with a more traditional financial institution, but have less strict standards. (This comes at a price: usually higher interest rates.) Though hard money is technically private money, as an investor you’ll generally want to distinguish between the two.
Private lenders are often referred to as hard money lenders, and private money loans are used to finance the purchase and renovations of investment properties. For more information on hard money loans, check out our articles on hard money loans and rehab loans.
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BROOKLYN, N.Y., May 23, 2019 /PRNewswire/ — Hailed as a fast-moving brokerage for real estate investors seeking hard money loans, Schwartz&Co. Capital Group is poised to revolutionize the direct.