If you stopped being the academic pedant you are, you would realize that a hard money loan is an asset-based loan. With these loans, the loaned receives funds whose security is the equivalence of a real estate value. These loans earn relatively higher interests than the conventional residential property loans or commercial loans. Reason? It’s simple; the private lenders take a higher risk! The lender is not protected from the high default rates that are typical of the hard money loans without credit guidelines. Leaving the self aggrandizing details aside, Hard Money Mob is such a risk taking lending company rated as the best hard money lender country wide.
Out of class and into the real world, Hard Money Mob is here as your financial aid and partner to salvage the financial situation for your company or business from bankruptcy and by extension, the closure of business, to generous benefits that will settle your arrears with on hand mortgages. As an experienced hard money loans provider, they are infamous for the real estate investment capital. As I said from the beginning, this is not some rocket science, but it has some terms you have to be conversant with.
Unlike most hard money loans that boast of stringent qualification criteria, Hard Money Mob requires no upfront free. Their rates are rock bottom low with credit points as low as 2-4 points accepted. This is for calculating the accurate debt to income ration to enable the agency to provide the client with an affordable and logical loan. While their competitors will offer very miserable loan to value percentage, they offer a generous up to 70% Loan to value with 100% ARV. Imagine receiving $70,000 for a property worth $100,000! This is amazing! As a hard money loans company, Hard money Mob has an excellent track record, and ensures that the it minimizes paper work that will delay the delivery of the loan to the borrower.
Even tough hard money loans may appear as easy pick and go cash; they are regulated by some rules governing the lending and payments. For a business or an individual to benefit from the hard money loans, they must provide lien which is collateral or a security item to secure the loan payment. They may include but not limited to residential, commercial, raw land and multi-family property among others. It is the 70% of the value of these properties that is lent to the borrower.
Because the rules vary from hard money lender to another, borrowers should be careful when reviewing the lenders interest rates, LTV, APR, repayment penalty, default rates points and Loan terms among others.
