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Hard money loans are
generally provided by private lenders or investment groups.
A hard money loan can be provided regardless of the borrower's
credit, income, or any other circumstances, with the exception
of equity. The loan is based almost 100% on the equity available in
the property. Different lenders have various guidelines for
hard money loans, but if you have over 30% equity in your home,
a hard money loan may be your best option.
Many hard money lenders are organized as private investment groups, and are less regulated than traditional mortgage companies. This can create the possibility to run into potential scams, so caution should be used when considering hard money loans. We keep a current list of reputable hard money lenders who will consider foreclosure loans. |
