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Hard Money Loan

Whether refinancing or purchasing, a hard money loan could be your only option.

Hard Money Loans
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When considering a hard money loan, it's important that homeowners and home buyers understand the nature of the product. Hard money lending is based upon the property being financed -- not necessarily on the ability of the borrower to repay the loan. Interest rates for hard money loans are very high and rarely are our mortgage originators able to attain a fixed rate product. Hard money loan products can be used to finance owner occupied residential property, non-owner occupied investment property, and commercial real estate properties.

With a hard money loan, risk is everything. They come with very high monthly payments and are not intended as a long term financing vehicle. When faced with no other financing option, a hard money mortgage may simply be the only solution to achieve a short term financial objective. When refinancing into a hard money mortgage, borrowers can get cash-out, up to the LTV cap for your state or local market. However, the LTV cap does include any costs to close.

Hard Money Program Overview:

  • Loan-to-values (LTVs) are based upon state and local real estate market conditions. Maximum loan amounts can range from 50% to 70% LTVs.
  • Hard money can be used for both residential and commercial property purchases.
  • A hard money mortgage can be used for cash-out refinancing or as a pre-foreclosure bailout loan for qualified applicants.
  • Interest rate terms are almost always tied to adjustable rate products, with starting rates in the range of 5% to 7% or more above conventional mortgage & commercial loan rates for like products.
  • Hard money products typically do not take into account the credit of the borrower.
  • In some instances, a borrower can state income only.
  • Typically, if using a hard money loan product, you can expect to pay 2 to 6 points and origination fees at closing.

To learn more about financing a home or commercial property using a hard money loan, use our quick quote application.

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