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Hard loan money personal. King to buy a large ranch whose value couldn't accurately be determined with a standard appraisal? How about refinancing someone's mortgage so the person can take out hundreds of thousands of dollars in cash? For "hard money" lenders, it's all in a day's work. These private individuals and small local companies operate where even subprime lenders fear to tread, making loans to the desperate and needy the same way regular banks and brokers service traditional customers. They're harder to find than mainstream lenders and they don't come cheap. But they can help hard-luck borrowers make bad situations better -- and sometimes, they're a consumer's only choice."There are private investors who, if the interest rate is high enough and the perceived risk is low enough, they will put the money up," says Pam Strickland, owner of Mortgage Consulting Services in Santa Barbara, Calif. Brokers and other intermediaries who arrange hard money -- or private money -- loans "go to people who have money t hard loan
 

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O lend and they match them up with people who can't get money any other way," Strickland says.Home buying the 'hard' way If that sounds a little like how the Mob works, don't worry. Hard money lenders aren't loan sharks who break borrowers' kneecaps when they can't repay. At the same time, these lenders aren't your Granny Sue. They charge interest rates and fees that would make conventional borrowers cringe and often base lending decisions on whether there will be enough equity in their subject homes that they can foreclose and still turn a profit. But private money fills a niche in mortgage lending, helping consumers who have specialized needs or too many credit problems to get conventional financing."It's across the board," says Brandon Thompson, a private money broker in Denver. "You'll see anything from a $70,000 foreclosure to a half-a-million-dollar loan, where somebody just needs so much cash out and can't verify their income to make it worthwhile for a traditional lender to loo hard loan


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hard loan money personal Million-dollar loan hard loan money personal, where somebody just needs so much cash out and can't verify their income to make it worthwhile for a traditional lender to look at."For instance hard loan money personal, Strickland says one of her hard money lender friends recently did a construction loan for someone building a cabin near Yosemite National Park. Regular lenders balk at such deals because they don't like financing properties in remote locations or those that aren't of standard frame hard loan money personal, concrete block or other traditional-type construction. Rural buyers sometimes use hard money loans hard loan money personal, too. That's because conventional lenders get antsy about mortgages for properties that derive a substantial portion hard loan money personal.

hard loan money personal of their value from the land rather than the house.Buyers of expensive properties and those who already own such homes and want to cash out large amounts of their equity via refinance loans also turn to private money. So do real estate investors. These buyers purchase properties on the cheap hard loan money personal, fix them up and sell them for profit. They use private loans because the loans come with less red tape and restrictions than bank loans.Borrowers facing foreclosure make up the last major category of hard money customers. When someone misses a mortgage payment hard loan money personal, that person usually has some leeway to bring the loan current. But once a 30-day delinquency turns into a 120-day or 180-day one hard loan money personal, the lender will usually start the foreclosure process. At that point hard loan money personal, the borrower is so far behind that even subprime lenders are reluctant to come in hard loan money personal, refinance the loan and start the clock ticking again. Next: "Hard money borrowers face a steep hill to climb." Page 1 2 RESOURCES 'Rapid-equity' loans: A way to lose money? Home hard loan money personal, sweet ... debt Borrower beware ... TOP STORIES Mortgage rates rise slightlyInterest Rate RoundupRate Trend Index -- Mortgages 30 yr fixed mtg5.89% 15 yr fixed mtg5.61% 5 1 jumbo ARM5.82% Alerts - advertisement - - advertisement - - advertisement - News & Advice Compare Rates Calculators Mortgage Hom.

hard loan money personal Day or 180-day one hard loan money personal, the lender will usually start the foreclosure process. At that point hard loan money personal, the borrower is so far behind that even subprime lenders are reluctant to come in hard loan money personal, refinance the loan and start the clock ticking again. Next: "Hard money borrowers face a steep hill to climb." Page 1 2 RESOURCES 'Rapid-equity' loans: A way to lose money? Home hard loan money personal, sweet ... debt Borrower beware ... TOP STORIES Mortgage rates rise slightlyInterest Rate RoundupRate Trend Index -- Mortgages 30 yr fixed mtg5.89% 15 yr fixed mtg5.61% 5 1 jumbo ARM5.82% Alerts - advertisement - - advertisement - - advertisement - News & Advice Compare Rates Calculators Mortgage Home.

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Stage Seasoned Business Expansion of Facility Acquisition Merger Adding New Products Services R & D Service Description of Business: Years in Business: Money Invested to Date: Can you personally provide any additional funds for your project: Select One Yes No If Yes how much? Please Select One None $1K - $3K $3K - $5K $5K - $10K $10K - $20K $20K - $50K $50K - $100K $100K - $150K $150K - $200K $200K - $250K $250K + For Real Estate Loans Only: Property Consists of: No Real Estate Land Only Building and Land Value: Appraised? N A Yes No Amount Owed Against Personal Credit of Participating Principals: Credit History: Credit Score (if known): Principal 1: Select One Excellent Good Fair Poor Principal 2: N A Excellent Good Fair Poor Principal 3: N A Excellent Good Fair Poor Financial Status: Your answers to the following questions regarding your credit and finances have no bearing on whether or not we take you on as a client, but rather serves as an aid in analyzing your total situation and in developing the right funding strategy. Assets Collateral Available: Please check all that apply and fill in box underneath estimating Cash Value of Properties Auto and Credit Lines available in each area checked: Home Commercial Property Auto Credit Card Credit Line Status of Credit Card Limit? Select One Maxed High Balance - High Interest High Balance - Medium Interest High Balance - Low Interest Medium Balance - High Interest Medium Balance - Medium Interest Medium Balance - Low Interest Low Balance - High Interest Low Balance - Medium Interest Low Balance - Low Interest No Balance N Yahoo!
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