What is Residential Hard Money Lending?
Purchasing an investment property is one of life’s significant investments with many variables to consider at every stage. This is equally as important as a right investment to finding a right loan.
Bridge loans structure our loans to comply with all applicable regulations and work collectively to define your goals, priorities and budget to secure the best loan resulting in a hassle free closing.
It is an important segment of lending and a heck of a niche for our residential hard money lenders to make our clients remove disambiguates with heavy protection.
How is Residential Hard Money different from a bank loan?
|Basis for loan approval||Income, credit score, tax returns, financials, appraisals, etc…||Residential Real estate assets|
|Minimum FICO scores||Typically 700+||None|
|Required documentation||Significant||Minimal on the property|
|Upfront fees||Appraisals, application fees, etc…||None|
|Property Type||Owner occupied and investment properties, capped on number of properties||On residential loans can only lend on investment single family homes|
|Loan Money Received||60 days +||Less than 10 days|
When is a Residential Hard Money loan appropriate?
- Borrowers with diminished credit (Pre-Foreclosure Loans can lend to borrowers with any credit including past bankruptcies).
- Tax Liens/Judgements/unpaid items etc..
- Borrowers that require funds rapidly on their residential investment property.
- Time constrained borrowers/ Borrowers require fast closing.
- borrowers requiring a stated loan due to tax returns (or lack of).
- Foreclosure avoidance.
- Foreign Nationals.
- Borrowers don’t have the time or energy to hurdle through several girdles of a conventional lender.
- Complex loans with multiple pieces of collateral
- Pre-foreclosure has the ability to handle various exclusive residential real estate financing requirements with no upfront fees on investment single family homes