Hard money lender
Hard money lenders are lending companies offering
a specialized type of real-estate backed loan.
Hard money lenders provide short-term loans
(also called a bridge loan) that provide funding
based on the value of real estate that has been
collateralized for the loan. Hard money lenders
typically have much higher interest rates than
banks (between 11 and 16%) because they fund
deals that do not conform to bank standards.
Contents
* 1 Market
* 2 Regulation
* 3 Effectuation
* 4 Asset Based Lenders
Market
Hard money lenders may serve a regional market,
or may offer loans nationwide. Some hard money
lenders are represented by brokers who may take
a percentage of the loan (called points) in
exchange for preparing and submitting the loan
documentation (as well as finding a direct lender).
Other hard money lenders deal directly with
applicants. Other ways hard money lenders may
vary include: charging application fees (some
charge, others charge fees only when closing);
prepayment penalties (some or none); and a focus
on investment properties or a willingness to
finance owner occupied property as well.
Several online directories offer links to multiple
hard money lenders for brokers or borrowers
seeking a lender.
Regulation
Several states' usury laws, including Tennessee
and New Jersey prevent hard money lenders from
operating with their usual practices.
Effectuation
Hard money lenders will offer a range of requirements
on the loan-to-value percentage, type of real
estate & minimum loan size for a hard money
loan.
Asset Based Lenders
An Asset based loan is similar to Hard Money.
They rely primarily on the value of the property
for security, and less on the credit of the
borrower. However, although they are generally
higher in cost that confoming full documentation
loans, they are not necessarily much higher
in cost as a Hard Money loan is.
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