Hard Money Residential Loans
Hard money lenders are really investing on investment type properties. For this reason, hard money lenders look to lend hard money residential loans on non owner occupied properties. This is because the are many regulatory hoops a lender would have to go through when trying to lend a hard money residential loan to someone who resides on the property. Not to mention the added liability and risk involved in this case. Hard money lenders like HML Investments are interested in financing purchases aimed at investment residential properties.
The concept of getting hard money loan for a borrower is for them to be able to purchase a property that cannot be purchased with traditional financing, fix the property up, and resell the property for a profit. The other way a hard money loan can be used from a borrower or an investors perspective is to capitalize on an opportunity in a quick manner. Investors know that deals come fast and you have to be prepared for them. So the concept of the hard money loan is to get the deal done fast so that you can then get long term financing on the property. This being said, hard money lenders are usually referred to as bridge lenders in that they help to fill the gap in between acquiring the property and receiving long term financing under more favorable conditions. Typically hard money lenders are not an end solution, meaning selling the property, refinancing the property or paying it off with other assets that may be coming from somewhere else. If you are an investor looking to finance a non owner occupied loan and have skin in the game, hard money loans are ideal for getting the deal done.
Contact the specialists at HML investments today for more information about hard money residential loans.