Q: I obtained a nine-month, hard-money loan. I thought I could sell my property, but that did not happen. The term is about to expire. What are my options? Can this lender extend the terms or what.
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Hard money loans are generally short-term loans, lasting from one to five years. You wouldn’t want to keep them much longer than that anyway, because interest rates for hard money are generally higher than they are for traditional loans.
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Hard money loans are generally lent to borrowers to finance real estate investment opportunities or other collateral backed loans; they are funded by private investors as opposed to banks. A hard money loan might be an appropriate option if you do not have a high enough credit score to secure a loan from a bank.
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Mortgage pool fund loans are secured by real estate and are referred to as hard money because unlike most bank loans (which rely on the creditworthiness of the borrower), hard money loans consider the.
Here are a few options for refinancing a hard money loan. 1. fixed Mortgage. If the hard money loan was taken so that you could purchase or retain a property, you might want to consider getting a fixed mortgage instead. Many people get hard money loans when they are close to foreclosure on their existing home.
Hard money loans are usually the fastest route to financing rehabs or property flips. Hard money loans are usually approved based on the property’s value rather than the buyer’s qualifications. However, hard money is typically more expensive than traditional financing.