Louisiana - Find A Hard Money Lender
Hard money loans are a good fit for wealthy investors who need to get funding for an investment property quickly, without any of the red tape that goes along with bank financing. When evaluating hard money lenders, pay close attention to the fees, interest rates, and loan terms.
Looking For a Hard Money Loan?
CLICK Here For Instant Hard Money Loan Application!
How long are hard money loans good for?
Similar to a short-term bridge loan, hard money loans are primarily used in real estate transactions when the lender is an individual or company, as banks do not offer them. These loans typically last 1 – 3 years and are commonly used as a way to quickly collect money.
Risks of Hard Money Loans
Interest rates are typically higher. Hard money lenders typically charge a higher interest rate because they're assuming more risk than a traditional lender would. They may require a higher down payment than a traditional loan would.
Is a hard money loan a personal loan?
Hard money personal loans are unconventional lending products that can either help you buy real estate or refinance the mortgage on your home. These loans can be quick and easy to get, even if you have bad credit.
How do you use hard money?
A hard money loan is a type of secured loan that's used to buy hard assets—usually real estate. Instead of relying on the creditworthiness of a borrower, hard money lenders instead weigh the merits of the investment that a borrower is looking to fund and use that investment as collateral.
Looking For a Hard Money Loan?
CLICK Here For Instant Hard Money Loan Application!
How do private money lenders work?
Private money lenders make money the same way that a traditional lender like a bank or credit union does, with fees generated from loan originations and interest payments on the funds borrowed. However, instead of serving as a middleman the way a mortgage broker does, a private lender works directly with a borrower.
What is the difference between hard money and private money?
This type of loan is collateralized by real estate. A company that provides hard money loans is licensed, whereas private money loans do not need to necessarily follow certain guidelines (and can vary from person to person).
Is a private lender better than a bank?
Banks are traditionally less expensive, but they are harder to work with and more difficult to get a loan approved with. Private lenders tend to be more flexible and responsive, but they are also more expensive.