Hard Money Loan is basically a "Sub-prime Loan" that works on collateral based underwriting. It puts more emphasis on the lendable equity in your property rather than on your credit. You can say that it is more of an equity based loan.
Simply because it is more of an equity based loan it does not mean that only people with credit problem apply and get hard money loans. Many borrowers of hard money loans have good credit. The only reason they go for a hard money loan is because it is FAST! And because it cuts through the red tape. And the borrower, especially the self-employed borrower, does not have to provide income verification. It is not uncommon to get funding in 5 days if the borrower can provide the necessary information on time. Hard money loans are also used for bridge or short term financing.
Loan for Residential and Commercial properties. Apartment and Office Buildings. Land Loans. Farm Loans. Bridge Loans. Probate Loans. Band-aid loans. Loans to finish remodeling or construction. We can give you equity cash even if your property is listed. Low interest only payments. We can help you improve your credit score.
Hard Money Loans | 301 Los Gatos Saratoga Road, Ste. A, Los Gatos, CA. 95030
email: amar@saratogabancorp.com |
Phone 408-219-3196 | Fax 408-395-1424
Saratoga Bancorp is licensed by the California Dept of Real Estate |
License #01220326
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