Purchase or Refinance Hard Money
Below is a MRR and PLR article in category Finance -> subcategory Other.
Purchase or Refinance with Hard Money
Overview
Hard money loans, often used for mortgages, leverage the owner's equity in real estate. Typically, hard money lenders offer 65% to 70% of the property’s value. While these loans are primarily for commercial purposes, they can also be used for residential properties, where they're known as non-conforming mortgages.
Key Considerations
Lending Criteria
The requirements for hard money mortgages are straightforward. Loans are based on the property's value, which can be real estate that is either owned or being purchased. When buying a property, the "value" refers to the purchase price. For refinancing, it's determined by a real estate appraisal.
Refinancing with Hard Money
If you seek a hard money refinance loan, the lender will inquire about your property’s purchase date and price. For instance, if you bought a property recently, lenders may not offer more than you paid. However, if you've owned it for about a year and have invested in improvements, you might secure a loan based on a new appraisal?"this process is known as "seasoning."
Make sure your property is well-seasoned before applying for a refinance mortgage at a higher value.
Resources
For more information on private money lending, consider visiting these websites:
- [California Private Money Loan](http://www.californiaprivatemoneyloan.com)
- [Rockland Commercial](http://www.rocklandcommercial.com)
- [Interest Rate Police](http://www.interestratepolice.com)
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