{"id":348,"date":"2022-07-27T10:59:36","date_gmt":"2022-07-27T10:59:36","guid":{"rendered":"https:\/\/sylalending.com\/?page_id=348"},"modified":"2023-01-26T19:40:41","modified_gmt":"2023-01-26T19:40:41","slug":"hard-money-loans","status":"publish","type":"page","link":"https:\/\/sylalending.com\/hard-money-loans\/","title":{"rendered":"HARD MONEY LOANS"},"content":{"rendered":"

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Hard Money Loans<\/h1>\n

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Mortgage Programs For Property Purchases<\/p>\n

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CALL OR APPLY TODAY<\/h1>\n

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+1-305-515-5392<\/span><\/a><\/p>\n

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What Is A Hard Money Loan?<\/h1>\n

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Getting the funding necessary to buy a property can be frustrating at times. For most real estate investors, flippers, developers, and contractors, hard money is an easy way to borrow large sums of money relatively quickly.<\/p>\n

 <\/p>\n

Hard money loans can be described as short-term loans procured by having the property the borrower wishes to purchase as collateral. Although these loans generally have higher interest rates and closing costs than conventional loans, they also close very quickly and require very little paperwork. As a matter of fact, income proof and credit checks are not required to be eligible for this loan.<\/p>\n

 <\/p>\n

While closing fast is important to some investors, it\u2019s also important to consider that hard money loans are usually interest-only and may require up to 50-60% down payment. If you\u2019re an investor that is unsure which option is best for you, then keep reading as we show the pros and cons of hard money loans and their comparable alternatives<\/p>\n

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\u200bAre There Better Alternatives to Hard Money Loans?<\/h1>\n

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Hard money loans are not the only options available for investors wanting to finance one or more investment properties. Lenders are loaning money to individuals and companies by using the property\u2019s projected rental income as the main requirement to be approved. A great example of this is when your rental property\u2019s income is higher than the monthly cost of your mortgage. This aspect alone is a very important requirement for approval of this loan.<\/p>\n

Although this is only one option to avoid hard money it’s a very popular one people and companies use to purchase or refinance their desired investment property. This type of loan generally has much better rates and terms than hard money with benefits like:<\/p>\n

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\u2705 No Income Proof<\/p>\n

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\u2705 Fixed rates starting at 5%<\/p>\n

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\u2705 30-year Amortizing Options<\/p>\n

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\u2705 Up to 80% loan-to-value (LTV)<\/p>\n

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Exceptional Rates and Service<\/h1>\n

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CALL OR APPLY TODAY<\/h1>\n

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+1-305-515-5392<\/span><\/a><\/p>\n

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How Do Hard Money Loans Work?<\/h1>\n

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Traditionally, lenders assess your financial health, your debt history, as well as your investment portfolio, before they decide to do business with you. Hard money loan lenders, on the other hand, tend to take more risk in exchange for higher rates.<\/p>\n

Unlike traditional loans, hard money loans have short repayment periods and are provided based on the market value of the property to be purchased. If everything goes well, you may receive your funds in less than a week.<\/p>\n

Naturally, it is a hot favorite of \u201cfix-and-flip\u201d experts who want to either improve\/renovate the homes they have purchased or found a property selling at a deep discount and need to act on it quickly. After they\u2019re done, they sell it at a higher price, which helps them pay up for the loan and turn a profit.<\/p>\n

Wondering about the documents required and the eligibility criteria you would need to fulfill to qualify for a hard money loan? Let\u2019s go through some of the most important ones:<\/p>\n