CALL US AT (310) 734 4044

Valid Reasons to Use Residential Hard Money Loans

Whether you’ve been going through a foreclosure in the recent past or want to buy an unconventional property to turn into your dream home, finding financing can be a real struggle for you. Even qualified borrowers can find it difficult to secure the loans that they need in order to buy residential properties in today’s market. For investors and borrowers who don’t meet conventional lending requirements, finding financing might even seem impossible. Thankfully, hard money loans are a viable option for residential buyers with unique needs. Hard money loans also known as equity-based or private financing which have long been used by real estate investors who want to purchase properties traditional lending institutions won’t finance. However, hard money loans can also be used by residential buyers who want to purchase homes or investment properties.

 

Residential private money loans can be used in a wide variety of buying situations. Although, some believe that these types of loans are only for those with poor credit, but that simply isn’t true. Here are some other situations when property buyers use residential hard money loans:

 

• Homes don’t meet the requirements of FHA lenders.

• Buyers want to turn non-conventional properties into homes.

• 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.

 

Who Uses Residential Hard Money Loans?

 

Hard money loans are utilized by many different types of Borrowers because of its flexibility. Many real estate investors prefer to use hard money loans because they find properties that they want to buy and don’t have time to wait for approvals through traditional financing institutions. Other investors opt for these types of 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 hard money loans to purchase residential property.

 

Buyers who are considering using a private lender enjoy options that traditional lending institutions don’t offer. Whether you want to buy a distressed property or want to get back on track after a foreclosure, a private financing might be a good choice. With careful, advanced planning, private financing can provide for an excellent return on investment.

 

Conclusions: Hard money loans meet requirements in all kinds of buying situations. The advantages of easy access, flexibility, convenient requirements and rapid processing allow you to purchase residential or commercial properties quickly. For additional queries, call Magna Capital Group, Inc at (323) 655-6888 or visit http://magnaloans.com/ today.

To learn more about our financing solutions for residential and commercial properties, please call us at (310) 734-4044 or visit us at www.magnaloans.com

(No Ratings Yet)
Loading...

Join our Team
Magna Capital Group, Inc is actively seeking for self-motivated, driven loan officers to become a part of our successful and growing... Read More
About Us
The principal of the company has over 30 years of experience in the industry. Our mission is to treat our valued clients with honesty... Read More
Magna Capital Group, Inc., Real Estate, Los Angeles, CA
Associations
Accredited Real Estate Services, Magna has 30+ years of combined experience in the Real Estate & Financial Services business. Read More
Blog
Magna Capital Group, Inc is a full service real estate and financial services company. We provide specialized services to our clients... Read More
Mortgage Rates
Current Mortgage Rates Current Mortgage Rates Get Widgets

Real Estate Most Recent News

Zell Is Cautious on Real Estate

Sam Zell gained the nickname "the grave dancer" in the early 1990s for buying beaten-down real-estate properties and riding them to huge recoveries. During the recent downturn, he rarely has made it to the funeral.

Standard Deviation in Manhattan

The owners of the Standard Hotel have resisted unsolicited offers for the trendy hotel. But now they have decided to put it up for sale.

Blackstone Revisits Hilton Debt Deal

As Blackstone Group prepares to return Hilton Hotels to the public market, it once again is planning a huge mortgage-backed securities deal that will test the debt market.

Developers Bet Big on Seattle

Office space is going up on faith that companies such as Amazon.com and Microsoft will fill it as the city's technology sector booms.

Hong Kong Infrastructure Costs Escalate

The scope of infrastructure development Hong Kong has in the works is extreme even by its standards, with the pace of construction taking a toll on labor availability and straining budgets

Behind Venezuela's Odd Property Boom

Venezuela seems an unlikely place for U.S. companies to buy commercial real estate. So why are DirecTV, Avon, GM and other firms snapping up office buildings in Caracas?