Hard Money Loans
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Hard Money loans typically are calculated on a maximum of 60% of the current market value of the property or of the purchase price. Hard money mortgages or hard money loans can be used for residential homes, multi-family homes, commercial property, manufactured homes, or mobile homes.
Hard money loans are frequently not based on a borrower’s credit or financial worthiness, but on the value of the subject property. Hard money loans are also known as hard equity loans, non-conventional loans, non-traditional loans. private mortgages, or private loans. Usually a substantial down payment is required to make up for the level of risk to lenders.
A standard private lending transaction typically includes a promissory note, mortgage, title insurance and hazard insurance.
We at Birchwood Loans offer these hard money loans without broker fees.