It is easy to Access Hard Money in Terms of Need
It is easy to Access Hard Money in Terms of Need
If you have been dealing in real estate or commercial properties, you must be quite familiar with hard money. As per the term, it's nothing but a private money loan provided by a third party or a private lender. In dealing with this sub-prime loan, the lender remains more concerned on the security factor. Remember, they are not like those typical bank authorities who keep time restrictions for getting the money back. These money lenders are least bothered about your credit or income. A hard money lender accentuates on your property value and the amount of equity you possess.
To qualify for hard money, you don't have to face the typical stringent rules of loan providers. In comparison to a conventional loan, this sort of loan is given as fast as possible to the borrower after clarifying a number of queries. As far as the debt ratios are concerned, they are quite liberal. In fact, the credit score has a meager consideration and no matter what your credit status stands, these private lenders are always there for you.
As a matter of fact, those having great debt ratios and good credit scores obviously don't opt for hard money. Therefore, if you come across such a hard money lender who is unwilling to give you the loan for your poor credit status, it's better to avoid him and look for someone else.
Hard money is quicker to access and that too without any hassle. In fact, if you can get into deals with an honest lender, he can provide you the loan within a maximum of five working days. If you have been subject to mishap and therefore running on losses, you have to bag instant cash for appeasing your billing authorities. So hard money can be the only way-out that can bring out from such dire circumstances.
A hard money borrower has to keep in mind certain points while borrowing such a private loan. The total term for which this private loan is generally given is not more than seven years. In most of the cases, it varies between one to three years. The interest rate ranges from 10 to 12% which is a bit higher in comparison to others. Moreover, their fees are high since they get your amount within a very short span of time.
On the other hand, a Florida reverse mortgage permits a homeowner or the applicant to keep their property in mortgage to the lending institution for a certain sum of money which is usually in lump sums. The amount is basically calculated in terms of the equity that the property possesses.
The primary aspect that differentiates Florida reverse mortgage from any ordinary mortgage is that here you can enjoy ownership and reside in your own property till your death. As long as the borrower keeps paying the property taxes, he is not required to repay his debts. If you are the borrower, you can be assured of the fact that Florida reverse mortgage can never be a burden on your heirs.
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