Finding financing for real estate investments can be a real struggle if you’ve been through a foreclosure or bankruptcy in the recent past. Even qualified borrowers can find it difficult to secure the loans that they need in order to buy residential properties in today’s market. Thankfully, residential hard money loans are a viable option for residential buyers with unique needs.
Residential Hard Money Loan is a type of loan that allows a borrower to get funds based on the value of his residential property. Residential loans are given by private hard money lenders based on the value of the borrower’s asset and not dependent on traditional banking criteria like income statements, credit scores, tax returns etc. Residential hard money loans are useful for investors and borrowers who don’t meet conventional lending requirements. These types loans can also be used by residential buyers who want to purchase homes or investment properties.
Residential private money loans are utilized by many different types of borrowers because of its flexibility. Many investors opt these types of loans because they find properties that they want to buy but don’t have time to wait for approvals through banks. Other investors opt for residential hard money loans because they want to buy properties that must be rehabbed or are viewed as high risk by lenders due to their location or use history. Individuals who have been through foreclosure or bankruptcy may also be able to use these types of loans to purchase residential property.
Why Use Residential Hard Money Loans?
There are many buying situations where residential hard money loans can be utilized. These types of loans are not only for buyers with poor or damaged credit histories, but it can be also used when:
• Buyers want to turn unconventional properties into homes.
• Homes don’t meet the requirements of FHA lenders.
• Traditional lenders are unable or unwilling to finance fix and flip loans.
• Buyers have a mortgage on another residence.
• Buyers need to finance purchases quickly.
The Bottom Line:
If you want to buy a distressed property or want to get back on track after a foreclosure, residential hard money loans would be the best choice for you. Private hard money lenders offer many valuable offers to borrowers that traditional financial institutions don’t offer. With careful, advanced planning, residential private money loans can provide for an excellent return on investment.
Magna Capital Group, Inc offers many different loan programs and choosing the right one could save you hundreds of dollars on your monthly payments. We are fast, creative, and reliable consultants that help you close and fund Residential loans. We specialize in innovative real estate financing for borrowers who fall outside the box of traditional lending guidelines.
For more information about residential hard money loans, Contact Us at (310) 734 4044 or Email at email@example.com.