Damaged Credit Loans
If you have experienced difficulty receiving a mortgage loan due to the fact that you have bead credit, you need not worry. There are private lenders such as HML Investments that specialize in offering alternative financing products for borrowers looking for damaged credit loans. Private money lenders like HML Investments offer an array of products geared towards getting borrowers/ investors the funding they need to move forward with their real estate ventures.
Hard Money Loans
HML Investments is a hard money lender focused on creating opportunity between lenders and borrowers. Using a hard money lender is a creative way for borrowers to finance a property. The term hard money refers to a type of loan that is made between a private lender and a borrower without an institutional bank. The terms of a hard money loan vary from a conventional loan in that the requirements to be approved depends less of credit and more on equity and loan to value (LTV). The loan to value is simply the ration between the total amount of the loan and the current market value of the property being financed. Lenders typically lend up to 65% LTV, and charge relatively higher interests rates between 8-14%.
Home Equity Loans
A bad credit home equity loan is a type of consumer loan that is secured by a second mortgage, allowing the consumer to borrow against their equity in the home. The value of the loan is based on the difference between the equity the borrower has in the home and the current market value of the home. The mortgage also provides collateral for an asset-backed security issued by the lender and sometimes tax deductible interest payments for the borrower.
Contact the specialists today for more information about damaged credit loans such as hard money loans and home equity loans.