Hard Money for Real Estate Investing

Hard Money for Real Estate Investing

Real estate investing is one of the most common uses of hard money funds. Real estate investing is a cash intensive financial activity. In order to take advantage of ongoing projects, investors often require more operating capital than conventional banks are prepared to provide on short notice. When conventional financing takes too long or is not available due to low FICO scores or some other reason, hard money can be a deal saver. If you invest in a lot of property, your FICO score can plummet simply due to the number of mortgages you owe! Alternatively, the properties that can be had for an advantageous price may not meet conventional banking criteria. In either case, hard money lenders are not restricted in the same way that conventional banks are and Hard money lenders can turn on a dime. Mortgages for real estate investing can take anywhere from two to three weeks to be completed by conventional banks and lenders. Hard money lenders can generally fund in 3 days from the time you have all the paperwork in place. Lenders can also fund projects that conventional banks cannot. Plan to use hard money as a bridge loan. Terms generally range from six months to one year. This should provide ample time to prepare the property or your personal financial status to arrange for long term conventional financing or to arrange for the sale of the property in question.

MyHomeOptions can LEND you MONEY for your projects!

We offer open short term mortgages up to 100% of the purchase price of the property. We can fund very fast. We perform our own in-house evaluations of the property, and perform our own legal work, both at which are at no cost to our clients. To APPLY for loan you must have property under contract and email property details to financing@myhomeoptions.ca