Refinancing is often used to obtain financing for new real estate investments, or for capital to grow one’s business. Using existing property as a springboard, investors can broaden their portfolios with rental properties or trust deed investments.
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Hard money lenders rely primarily on the loan-to-value ratio of the house you are refinancing to make a financing decision. Consequently, you are more likely to obtain a loan if you have enough.
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Hard Money loans usually come with an extremely high interest rate anywhere from 9-15% interest. On top of the high interest rate they usually require a large amount down (sometimes even 50%).
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Visio Lending can help you refinance a short-term hard money loan into a stable long-term investment loan, stabilizing your rate and payments. This is great for both long-term investors and fix and flippers who want the flexibility to change their strategy, if necessary.
Pay back the loan. Most hard money loans are designed to be paid back quickly, usually within 12 months. If you do not pay back the loan in time, then the lender might be liable to take your home as collateral. To avoid this, make sure you can easily afford the repayment schedule you stipulate in your loan agreement.
What is Residential Hard Money Lending? The definition of "residential hard money" when referred to in real estate financing, is essentially a non-bankable loan on an investment single family home (or duplex).The name residential hard money is frequently interchanged with "no-doc", private loans, bridge loans, etc.
http://houseflippingguide.com – how to get out of a hard money loan when fixing and flipping a property. This video will go over several solutions as to how.
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If you have several reported late payments on your mortgage, then most conventional lenders will not approve you for cash out refinance or equity loan. hard money equity loans are needed when credit scores drop in the low 500 range.