Hard Money Loans
What is it?
A hard money loan is a type of asset-based loan financing through which the borrower receives funds secured by the value of a parcel of real estate. These loans are typically issued at higher interest rates than conventional commercial or residential property loans and are almost never issued by a commercial bank or other deposit institution.
Many hard money mortgages are made by private investors, generally in their local areas. These loans can usually be obtained regardless of your credit score, as the loan is secured by the value of the collateral property. Typically the largest loan one can expect would be around 65%-70% of the property value.
These types of loans are often used by seasoned real estate investors specializing in single family properties but it can also be used to finance commercial properties. The loans are popular with investors because there is no credit check involved and the loans can close extremely quickly.
Why Use a Hard Money Loan?
Hard Money loans are available to those who cannot or do not wish to obtain real estate financing through traditional channels (such as banks and mortgage lenders). There are a number of reasons why someone may opt to not use a traditional lender for financing their mortgage including credit problems, foreclosure issues, or inability to meet strict lending criteria.
Obtaining a Hard Money Loan
We would love to talk with you to determine whether a hard money loan is right for you and your Utah real estate investment purchase. Our team is excited to be able to offer hard money financing to our clients!
- Close and fund in as little as 24 hours
- Same day commitments when possible
- Interest-only payments
- Minimum documentation
- Flexible loan terms
- Residential acquisition and refinancing (non-owner occupied only)
- Commercial property acquisition and refinancing
- Priced from 12% and 3 points!
