Money Loans

Question: Hard money loan question?

(Posted by: josh d on 2009-08-05 19:01:24)

I was visiting this hard money loan site and there was a sentence when the lender said this & quot;We provide hard money loans strictly based on LTV (Loan- to- Value Ratio.)& quot;. Does this mean the lender doesnt require me the borrower to have good credit and many assets?

Posted by: Voss on 2009-08-05, 19:11:38

Exactly. All they care about is adequate equity.(Haven 't done a hard money loan in about 2 years but it should still be the same) The only problem with hard money loans are the fees and rates you are going to be paying. Expect a 3-5% initial down for getting the loan and a high rate. Hope this helps.

Posted by: BNICKS on 2009-08-05, 20:30:40

Yes hard money is only really for people with bad credit ... i thought they were pretty much gone tho

Posted by: Katrina on 2009-08-05, 21:41:29

Before taking hard money loan you have to point out that how much interest and charges that you have to pay to the loan company against your taking loan.