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What is Hard Money?

A couple from Palmdale, California called my office Monday afternoon asking if we can help them save their homes. If you are delayed in their mortgage payments for 3 months and their house is in foreclosure. You have children, they love their house, and they do not want to move elsewhere. They have low credit in foreclosure and have such a high debt ratio banks turned them down. Knowing the urgency of the situation of the couple, I asked them questions about their financial situation, what their credit, mortgages, how much they owe, liens, collections, judgments, etc. At the end of our conversation, telephone calls ch affected began, I told the borrower that we can get a loan through hard money investors. The borrower was surprised to hear that they finally get a loan and losing their homes. Applying for a loan through regular banks, a limited loan to value, debt ratio, income documentation and rating guidelines. For homeowners or borrowers who have low credit rating, notice of default, foreclosure or bankruptcy, they get immediately rejected by the banks. Does this mean that they do not get a loan and lose their homes? Absolutely NO! Hard money or private money loans is the solution for low credit borrowers and who are in financial distress, such as notice of default, foreclosure, bankruptcy, credit, crime, judgments, collections, liens, etc. Hard Money equity based non-fico based lending. As long as the borrower has equity in the house due to the withdrawal of all mortgages, liens, charge offs and collections, interest payment delays and prepayment penalty left. Hard money is hard earned money from private investors, groups, businesses, insurance companies and hedge fund managers who are capable of financing based on equity or assets of the borrower.Hard money investors or lenders offer a standard 65% Loan to Value (LTV). In some cases, there are investors who go up to 70-75% LTV. go for hard money investors up to 80-90% LTV, they will demand on title to secure their investments. At 65% LTV, it is possible to provide a loan as stated income. Furthermore, 65% LTV requires full documentation of income and asset situation. For borrowers who are going through financial hardship, such as termination of employment / downsizing, medical emergencies, natural disasters, divorce, loss of business or other valid fact that it is in financial distress are hard money lenders willing to deal with them as long as they work to show the ability to repay the loan or have an “exit strategy” if the term over.Hard money is short-term financing, usually within less than 6 months 1 year, although 2 or 3 years are available also elected. The purpose of the acquisition is a hard money loan for the immediate solution to the foreclosure or low credit borrowers who need immediate cash to pay debts or existing loans already available to mature and be paid off.Hard money is the last resort for borrowers if they can not regularly bank financing. Hard money or private money loans are much higher rates and points. The rate may be 8.5, 11, 12, 13 to 15% depending on the loan to value and income documentation area. Although hard money is not based fico can go below 500 mid score, the borrower's creditworthiness also affect the rate at which they receive. The high prices and earn points for hard money is an investment prudence for hard money lenders or private investors. High risk borrowers a potential headache to investors, if they default in payment. When you are through with the enforcement, legal fees and sale of the property processing time factors which bring high adhesion on hard money lenders.The reality hard money “is high yield vs. high risk 'business relationship. Hard money lenders or private investors are willing to take on high risks as long as it is a good investment return. Not all borrowers have good solvency, which prepare the private investors to charge higher prices for future risk and carry the property caused by foreclosure and resell the property. If refinancing is not
for hard cash for home owners / borrowers work that are in notice of default, foreclosure or bankruptcy, there are other creative ways they can get help from investors hard money. Such a creative way, a sales contract, lease, or Investor los titles and allow time for the homeowner to sell the property. These are not easy to do, but can be done, if not give the homeowner about other possibilities. The advantages of hard money loans allow the borrower, at home to save you from financial distress by paying off debt, prevent from foreclosure, bankruptcy, and the ability to credit within 6 months to 1 year re- time frame. Hard money provides a “great victory” for homeowners and borrowers during the times.Hard hard money or private financing is suitable for both residential and commercial real estate. Common programs include raw land loans, construction equipment, high-end one million U.S. dollars Estates, apartments, hotels, motels, mixed-use properties, office buildings, shopping malls, mobile homes in parks, gas stations, restaurants, hospitals, golf courses , casinos like luck3 online casino , recreation centers, grocery stores, prefabricated houses, and even business loans.

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