Hard Money Residential
For investors looking to find funding for their residential non owner occupied purchases, hard money lenders make it easy to quickly finance the operation. 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 borrower has the opportunity to purchase a property under market value, but the seller is looking to close escrow within 30 days. Typically, funding for hard money loans are processed in less than 30 days.
- The loan has matured and lender refuses to rewrite loan. First trust deed holder may be willing to discount his note or carry back a second trust deed to accommodate refinancing of the property. Borrower avoids possible foreclosure and credit rating problems.
- The borrower is not eligible for a conventional bank loan but is in need for a short term “bridge loan”. He plans to refinance his loan at a later date after he has an opportunity to rehab the property or improve his credit rating.
- The borrower is purchasing a property and the seller is willing to carry back a second trust deed as part of the down payment. Hard money financing will allow the second trust deed to be behind their first trust deed.
For more information about hard money residential loans, contact the specialists at HML Investments today to get started on your application.