Website design By BotEap.comEven with all the reopening of cities across the United States, some households may find themselves stuck trying to get out of the setbacks caused by COVID-19. If you fall into this category, you may be looking at all the different options for a little extra cash right now, especially when it comes to real estate matters. Have you considered what a strong lender could do for you?

Website design By BotEap.comWhat is hard money loan?

Website design By BotEap.comHard money loans are a form of asset-based financing. The funds a borrower receives are secured by the equity value of a property. Interest rates are higher on hard money loans compared to loans guaranteed by a financial institution. These types of loans are financed by private entities that are guaranteed by promissory notes to private investors.

Website design By BotEap.comIt works the same way as any other loan. You continue to make monthly principal and interest payments on the amount you borrow. You will have a repayment term that you must stick to, like any traditional loan.

Website design By BotEap.comFacts about hard money loans

Website design By BotEap.comHere are some of the features that are indicative of hard money loans:

• These loans are protected by brokers
• Residential and commercial loans
• declared loans
• Terms can vary from 11 months to 5 years.
• one^St.two^n/aand 3^dr position in all properties
• No withdrawal restrictions
• Past bankruptcy, short sales and foreclosures are okay
• Amortized and interest-only programs
• loans can be approved within six to 24 hours

Website design By BotEap.com Get approved for the loan

Website design By BotEap.comThis type of loan requires that you have equity in a property. Once a lender analyzes the equity in the property, the normal loan process will begin. The amount you will borrow will be determined by the amount of equity, ability to pay, rate of debt, and your long-term goals with the property.

Website design By BotEap.comYour lender should advise you on all the fine details of the deal, such as interest rate, prepayment penalty, terms, cost, title issues, among other important loan details.

Website design By BotEap.comCheck with a local lender to see what your options are and how a hard money loan can help you with your COVID-19 issues.

Website design By BotEap.comHow a hard money loan can help in times of COVID-19

Website design By BotEap.comIf you have a property with equity, you may be able to use it to get a loan. During COVID-19, especially when it was at its height, you may have struggled to manage all of your bills. If you’re having trouble getting a loan and need extra money to get by during this pandemic, you may want to explore loans and see if you qualify.