Hard Money Lending
Hard money loans have relatively higher interest rates, as they do not conform to typical standards. However, hard money interest rates usually vary from company to company, and are influenced by the credit rating of the borrower and value of the property. Other factors responsible for varying rates are application fees, closing fees and prepayment penalties. Most lenders check the credit history of the borrower before approving any loan. The best way to compare these rates is to approach a local hard money lender to obtain a quote. High money lending may carry interest rates between eleven and sixteen percent, which are higher than typical rates for other types of loans.
Hard money lending is popular among borrowers who want a short-term loan to finance projects or make quick commercial acquisitions. Hard money loans are mostly used for commercial real estate purchases, where the borrowers want to quickly close on a property or retrieve their property from foreclosure. They are also frequently used in order to secure long-term financing.
Hard money lenders can operate in a local or regional market, or may have a national presence. Borrowers can contact brokers who represent certain hard money lenders. These brokers charge a commission in the form of a percentage of the loan amount for their service of preparing and submitting the loan documentation. Many online directories offer links for borrowers looking for hard money lenders.
Related Tags: lending, equity lending, commercial mortgage lending, mortgage lending companies
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