You feel all set to get a mortgage. But when you apply for a prime loan, you find out that you are not eligible—or you realize it is not an ideal fit for your needs.
There are a lot of reasons why this can happen. Your credit rating may not reflect the full financial picture of your life—but unfortunately most prime lenders are unwilling to look past a score which is less than ideal.
Thankfully, there is an answer. You can apply for a hard money loan. This type of loan is secured. The value of the property acts as the security. *Hard money loans are business loans and cannot be performed on owner occupied properties. **All scenarios are subject to lender review and approval, no specific scenario is guaranteed.
Fast and Easy Custom Rate Quotes
Take the first step by getting pre-approved!
Who Should Consider Applying for a Hard Money Loan?
- Those who are looking to get a loan on an investment property to pay off debt so that they can raise their credit scores and refinance to a conventional loan.
- Real estate investors who are looking for short-term financing so that they can renovate a property and sell it.
- Businesses that cannot qualify for conventional financing owing to an inability to claim income.
- Anyone else in need of short-term, at least 1 year, financing for any reason.
What Are the Benefits of Hard Money Loans?
- Qualification for a hard money loan is not contingent upon an ideal credit score. Even if your credit is not sufficient to qualify you for a prime loan, you may still be considered for a hard money loan.
- The approval process for a hard money loan is much simpler, and it takes less time than applying for a prime loan. If you turn around a lot of properties as an investor and need to apply regularly for hard money loans, you can stick with the same lender and accelerate the process.
- Because hard money loans are used so often for short-term purposes, there are usually no prepayment penalties.
Let Maureen Martin Help You Apply for a Hard Money Loan
You do not need to qualify for a prime loan in order to get a mortgage. Maureen Martin can help you apply for a hard money loan with competitive rates and terms.
Contact her today by calling (619) 857- 7191 to get started.
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