Hard Money Lending Texas

Although hard money lenders are popularly known for providing real estate investment loans; they also provide other kinds of loans too. 
 
Types of Hard Money Loans

Mortgage Refinancing: This is a loan provided to the borrower to pay off one or more of his previous loans. In a bid to save themselves from the foreclosure process, borrowers resort to mortgage refinancing and take a new loan with more favorable terms and conditions. They either sell the property or improve their credit scores within the new loan term.

Bridge Loans: These are hard money loans, which are often borrowed by sellers, who want to buy a home, but lack the funds to buy it. Although they have an existing home, they want finance to buy another home without selling the old home. Moreover, they even get the finance on the value of the existing home.

Home Equity Loans: Home equity loans usually stand in the second or third position. These are loans subordinate to the primary mortgage loan.

Apart from these, hard money lenders also provide purchase loans to aspiring home buyers. Hard money lenders provide financing facilities for those who are unable to acquire loans from conventional lenders and banks. While conventional lenders provide loans on the basis of the borrower’s credit score and income statements, hard money lenders provide loans only on the basis of the value of the property to be purchased.  In case of default in payments by the borrower, the hard money lender can take possession of the property.

Hard money loans have helped many investors realize their real estate investment dreams.