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Hard Money Mortgage Loan Bad Credit

The lenders are primarily concerned with the value of the property, rather than the borrower's credit score (but the score might still be of some importance to some lenders). A borrower that tried, but failed, to get conventional financing from traditional source due to a foreclosure or short sale can still get a hard money loan as long as they have equity in the property being used as collateral.


A hard money loan is simply a loan, generally a very short term one (private loans can only be granted with duration of up to 5 years), secured by real estate. They are funded by private investors (or a fund of them), as opposed to conventional lenders like a bank or credit union. However, they are not appropriate for all types of deals.

A hard money loan can be beneficial if you don't have perfect credit, as well. Hard money lenders look at the "big picture," which includes far more than your credit score alone. In fact, it includes the potential value of the property, your ability to repay the loan, and your investment in the property.
The amount of money a lender is willing to lend to a borrower is generally based on the value of the subjected property. It could be one that the borrower already owns and wants to use as collateral, or it could be a property that the borrower is attempting to, or is, acquiring.

If you have bad credit, a foreclosure on your record, or any other problems, it can be difficult to impossible to find financing. However, that's not the case with hard money loans.
Hard money loans are typically short-term financing. Most hard money loans last for 12 months or less, and some people use them to bridge the gap between selling one property and purchasing another, or between purchasing a property and transitioning to conventional financing through a bank or other lender.

The requirements for the loan generally depend on the lender. If you have any questions further on how does a hard money loan work, or possible rates for you, contact us. We'll be happy to help.
Others use hard money loans to purchase properties quickly. Because this type of financing takes a relatively short amount of time to go through (typically within 10 days if there are no unusual circumstances), it enables investors to get funding before someone else snatches the property off the market.

If you need to take out a hard money loan, which isn't the same thing as a bad credit mortgage, we may be able to help you – even if your credit history is a bit checkered.

In years past, some individuals tarnished the hard money lending industry when a few private money lenders provided very risky loans to borrowers, using real estate as collateral. This was done with the intent to foreclose on the properties
.
It wouldn't be fair to say that a hard money mortgage is the same as a bad credit mortgage. In fact, it's like comparing apples to oranges.

There are a number of reasons an investor may choose to use a hard money loan instead of a conventional mortgage – and one of them is credit.

When the words "hard money loans" or "private money loans" are uttered, the first thing that comes to mind may be sky-high interest rates and shady deals, but the truth is far less ominous.
Call us at 404-814-1644 or contact us online. We'll be happy to answer your questions and explain the hard money loan process to you.
Luckily, these types of lenders no longer exist in the modern market, and so borrowers can feel relief that their investment will be safe.

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