List of Hard Money Loan Lenders
Our list of hard money lenders is meant as a resource for internet users who have been looking for reputable hard money lenders. If you have been searching for hard money lenders, simply click on the hard money links or browse down for information on these hard money lenders.
| Hard Money Lender -- 1st Access Funding | |
| Statement: 1st Access Funding offers California hard money loans and subprime loans at the most competitve rates available. As a California based hard money lender, we represent
a multitude of private investors who specialize in
funding hard money loans. In addition to our expertise in hard money loans and subprime loans, we also service bridge loans, construction loans and commercial real estate loans. www.1st-access-hard-money-loans-funding.com |
|
| Hard Money Lender Type | Residential and Commercial |
| Hard Money Lender Area | California, Arizona, Nevada, Florida |
| Contact | Chris Dinofia, chris@1st-access-hard-money-loans-funding.com |
| City, State | San Diego, California, 92107 |
| Phone | (858) 212-1443 |
| Hard Money Lender -- 1st Austin Call | |
| Statement: 1st Austin Call |
|
| Hard Money Lender Type | Residential and Commercial |
| Hard Money Lender Area | Austin, Texas |
| Contact | Jules Caplan, julescaplan@juno.com |
| City, State | Austin, Texas, 92037 |
| Phone | (512) 453-4990 |
| Hard Money Lender -- 1st Capital Finance | |
| Statement: 1st Capital Finance www.hardmoneysourcing.com |
|
| Hard Money Lender Type | Residential and Commercial |
| Hard Money Lender Area | California, Nevada |
| Contact | Duke Jones, capitalfinancing@charter.net |
| City, State | San Luis Obispo, CA 93401 |
| Phone | (805) 441-2447 |
| Hard Money Lender -- 1st Genesis Funding Solutions, LLC | |
| Statement: 1st Genesis Funding Solutions, LLC www.genesis-funding.com |
|
| Hard Money Lender Type | Residential |
| Hard Money Lender Area | Texas |
| Contact | Kelly Troy , info@genesis-funding.com |
| City, State | Cedar Park, Texas 78613 |
| Phone | (512) 470-1877 |
| Hard Money Lender -- Alpha Equities | |
| Statement: Alpha Equities www.alphaequities.net www.alphaequitites.net |
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| Hard Money Lender Type | Commercial |
| Hard Money Lender Area | Maryland, D.C., Virginia |
| Contact | Justin Winthers , jwinthers@alphaequities.net |
| City, State | Ashburn, Virigina 20147 |
| Phone | (888) 249-7183 |
| Hard Money Lender -- Alpha Equities | |
| Statement: Breecorp | |
| Hard Money Lender Type | Commercial |
| Hard Money Lender Area | Nationwide |
| Contact | Reed, breecorp@aol.com |
| City, State | Akron, Ohio, 44312 |
| Phone | (866) 706-8811 |
Our list of hard money lenders is meant as a resource for any interested in finding reputable hard money lenders across America. Hard money lenders provides hard money loans to individuals with less than perfect credit. Hard money lenders often provide hard money lender loans very quickly, without the need to go through traditional lending institutions. However, hard money lenders typically charge higher loan rates than a normal mortgage broker. If you have been looking for a network of Hard Money Lenders who specialize in hard money lenders then our hard money lender page is perfect for you.
WHAT HARD MONEY LENDERS DO? For hard money lenders, lending money on foreclosed properties or to individuals with low fico scores is par for the course. Hard money lenders and subprime lenders operate where mortgage lenders won't go, financing hard money lender loans to "hard up" borrowers in the same way as banks and brokers help traditional customers -- with a couple of important differences. PROS OF HARD MONEY LENDERS Hard money lenders can lend money much more quickly than traditional institutional lenders. For borrowers who have no other choice, hard money lenders are often the only choice for a loan on their residential or commercial property. Certainly, hard money lenders are less common than institutional lenders -- making hard money lenders a niche within the mortgage lender field. "Hard money lenders are essentially private investors that analyze risky finanacial ventures and, if the risks seem acceptable, they agree to lend the money at fairly high interest rates," comments Craig Cecilio, owner of Coastal La Jolla Funding of San Diego, California. Many mortgage brokers get into the hard money lender act, mainly because they often have ties to individuals or groups with the sort of money or funds that are needed for hard money lender loans. WHAT TO BE AWARE OF WITH HARD MONEY LENDERS Hard money lenders aren't mobsters who send their right hand men out to beat up borrowers up who renege on their hard money loans. Hard money lenders do charge high interest rates, often 10% to 15% APR, plus 4 to 8 points up front on the hard money loans. While these rates may seem usurous to many borrowers, if you weigh the risks for the hard money lender themselves, it is actually a substantial gamble for the hard money lenders as well. In the event that a borrower cannot pay back the hard money lender loan, the residential or commercial property will then become the asset of the hard money lender, who can then turn around a sell the property for the market value minus whatever is owed on the property. While many may view hard money lenders as predatory in theirlending practices, these hard moeny lenders certainly have an important place in the mortgage world. "Hard money lenders are often the last and only hope for many projects that can make the borrower a lot of money down the road. That's why they are often referred to as construction loans or bridge loans," says Chris Dinofia of 1st Access Funding. "If a developer has spent $50 million on a project but runs out of money three months before he is ready to start selling units, he has to acquire a bridge loan for 90 days to get him over the hump. As long as the development is well thought out and has real market value, the developer stands to make a lot of money -- even with the money he has to pay on the bridge loan."
A TYPICAL HARD MONEY LENDER SITUATION Let's say a borrower goes to a hard money lender for a construction loan because of their low fico score and bad credit. However, the borrower has 50% equity in the property and wants to get a second loan to build a new home on the property. Traditional lenders will almost always pass because of the fico cut off and bad credit of the borrower. Also, conventional lenders often have problems with properties that derive a substantial portion of their value from the land rather than the house. Buyers of expensive properties and those who already own such homes and want to cash out large amounts of their equity via refinance loans also turn to private money. So do real estate investors. These buyers purchase properties on the cheap, fix them up and sell them for profit. They use private loans because the loans come with less red tape and restrictions than bank loans. Borrowers facing foreclosure make up the last major category of hard money customers. When someone misses a mortgage payment, that person usually has some leeway to bring the loan current. But once a 30-day delinquency turns into a 120-day or 180-day one, the lender will usually start the foreclosure process. At that point, the borrower is so far behind that even subprime lenders are reluctant to come in, refinance the loan and start the clock ticking again. A hard money lender, on the other hand, may be willing to give that person a new loan. The customer can use it to pay off the original lender, gaining enough time to sell the property and find a new place to live. Borrowers who miss payments because of temporary problems, such as a job loss, can benefit, too. They can use the breathing room a hard money loan provides to rebuild their credit. By making payments on time for a year or two, they'll lay the groundwork for a future refinance into a more favorable loan. If you would like to provide your hard money lender information, simply click on our hard money lender submit. hard money, hard money lender, hard money lenders, california hard money lender, california hard money lenders
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