HARD MONEY
This type of loan is known as a “last resort” or a short-term bridge loan, and they are backed by the value of the property instead of the credit score of the business. Hard money loans have a much lower loan-to-value (LTV) ratio than a traditional loan.
Hard money loans are usually sought out by property flippers whose plan is to renovate and sell real estate. This type of loan is appealing because the loan will often be paid off within one year, which is the usual time it takes property owners to resell their real estate.The approval process for a hard money loan is generally quicker than that of a traditional loan because investors will look towards the value of the property used as collateral rather than the typical documents.
Hard money loans are easy to qualify for since they look at the collateral instead of credit scores, this also makes the application process extremely easy and funding is immediately available.
What you will need
Driver’s License
Voided Business Check
Bank Statements
Balance Sheet
Profit & Loss Statement
Loan Criteria
Pros
Low LTV Ratio
Perfect For Real Estate Investors
Competitive Interest Rates
Quick Approval Process
Cons
Short Repayment Plans
May Require Collateral
Low LTV Ratio
Perfect For Real Estate Investors
Competitive Interest Rates
Quick Approval Process
Cons
Short Repayment Plans
May Require Collateral