Some important issues of hard money loan

Do you know that why money is important for everyone so much?Money is very important because it is ensuring to buying all necessary

product which we need daily. For earning money, the people are

doing many things. And for this reason many people from us are

doing private business. Business is indicating to obtain success

economically in your life. But the time of doing business, one business

man needs to face with loan. Hard money loan is the best way or

place to make fund for your business. It is a private money loan. It is

not obeying government rules and guidelines. There are many issue

of hard money loan which people must be known. Now, I will tell you

about these issues.

Property Issue

Due to it is a property

base loan, firstly you need

to know about the

property issue. One

person need to submit his

property information to

getting hard money loan.

An applicant can get up

70%-80% of after repair

value (ARV) of his

property. Property

location is effecting on

the interest figure of your

loan. Property condition

can help you mostly get

maximum value as loan.

So, be sure what your

property condition is.

Credit Issue

This loan can be

obtained without

any credit. Most of

the lenders are

requiring little credit

score. And credit

issue is not affecting

the hard money

loan. Anybody can

get loan with little

credit or without

credit information.

Credit score is not a

big fact in hard

money loan.

Personal Income IssueIf you will take loan

from bank then you

must need to verify

your income

information. But this

is totally different in

hard money loan.

Hard money lenders

are not asking for

verified income

information to

approving any loan

application. So, no

one needs to worry

if he has no verified

income information.

Short TermThis is a short term

loan. There is no

way to take loan

for more than 3

years. If an

applicant wants

to take loan for

more than 3 years

then he will need

to pay more than

20% interest

against a hard

money loan. This

loan is closing in 1

to 3 years.

Interest RateHard money loan’s

interest rate is too much

high. One person need to

pay minimum 8% interest

against a hard money

loan. A hard money loan

borrower needs to pay up

to 15% interest against a

hard money loan. But this

is very important to know

everyone that the interest

rate of hard money loan

is calculating by the risk

volume of the proposed

project. Sometime the

interest rate of hard

money loan may increase

up to 26% also.

Fees of hard money loan

One man need to pay

minimum 2% cost to

getting hard money loan.

One man needs to pay

up to 10% cost to getting

hard money loan. This

cost may reduce if your

property condition is

good. So, you should take

a best care of your

property. To reduce fee,

you have to use a good

condition property and

the property which are in

the nearest area or

location.

Processing time of hard money loan

The processing time of

hard money loan is

very short. A hard

money loan is making

within 1 to 3 weeks.

Hard money lenders

are also able to make

any fund within 7

business days also. This

is fact which is making

the difference

between banks and

hard money lender.

After hearing all of these issues, if you are want to take a hard money loan then

you will need to find out real hard money lenders. Lending Universe Inc. is

helping people to find out real and qualified hard money lenders in certain

area. Here are over 10000 verified hard money lenders in their largest database to lend you money. Here, you also can found many registered appraisers to

evaluate their customer’s property value accurately. Here is a short and simple

loan application form to apply for a hard money loan. And after filling up this

loan application form, your application information will forwarded to their

verified lenders. And you will get many offers and bids from the lenders who are

wanted to lend you money. You will get a free tool for processing your loan

process. There are also many registered loan brokers and real estate agents.