What is a hard money loan?
It’s a are short-term, real estate-backed loan used to acquire investment properties.
Who is the perfect candidate for a hard money loan?
An investor or someone looking to quickly flip a property for profit.
Why a hard money loan?
It gives you fast cash. You can quickly and easily purchase a “fix and flip property,” foreclosure, renovation or distressed property that’s an investment opportunity you don’t want to lose.
How does a hard money loan work?
Once you secure the loan and property, a hard money loan has a term of 6 months with the ability to extend up to 1 year. There is no prepayment penalty. You can renovate the home, sell it, pay back the loan and keep the profit. Another option is to turn the property into a rental and refinance the hard money loan with conventional financing. It’s your opportunity to turn your investment into a quick profit.
Whether you want financing for a quick sale or major renovations, hard money loans are typically the easiest and fastest way to secure financing over conventional loans.
