Need funding in a matter of days in order to close on a purchase.They have a low credit score or another discrepancy on their credit report.There are many different reasons why an investor may apply for a hard money purchase loan rather than a traditional mortgage, including:
It’s important to understand that hard money lenders are private as they are not regulated by the Federal Reserve like banks, and therefore all have their own unique criteria of requirements. Since the most important criteria for traditional lenders is that the borrower can pay back the loan, the mortgage process is usually slow and accompanied by lots of paperwork and credit checks.īut with hard money lenders, the loan is secured by collateral, meaning the lender isn’t as concerned about your credit score and income. Hard Money Purchase Loan: A hard money purchase loan, or sometimes referred to as a private money purchase loan, is a type of short-term asset-based lending that is commonly used by real estate investors to purchase a property quickly without having to meet the strict mortgage requirements accompanied by traditional lenders. If you are looking to obtain a San Diego hard money loan here are two main types offered by California private money lenders: the purchase loan and the refinance loan. Never miss out on an investment because you didn’t receive a hard money loan fast enough. Our experienced team works quickly to get you the funds you need to close soon.
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