Are you looking to refinance? You may wish to consider a hard money loan. As we’ve stated in the past, a major perk of a hard money loan is how it can function as a short-term loan. With these loans, it’s not about the credit as it is based largely on real estate value.
For those considering refinancing their personal property, a hard money loan will, as you might guess, be based on the home’s value. This loan can range from just twelve months to as long as five years. Besides the major convenience in refinancing, hard money loans are also frequently used as bridge loans which function by “bridging the gap” between the current property the borrower owns and the property they are intending to purchase. A hard money loan can work for a fix and flip project, or to purchase a home if the borrower does not have a sterling credit history.
If one of your goals is to refinance but you’re concerned that your credit score is not up to par to qualify for a traditional loan, opt for a hard money loan instead. It may provide the funding you need without all of the red tape involved with a bank.
This update is by hard money lending Miami company Monroe Funding Corporation, a direct equity lender serving clients throughout Central and South Florida. We specialize in first mortgages on non-owner occupied residential and commercial property investments as well as real estate loan options. Our fast and flexible loan programs get you to the closing table quickly and professionally. For more information on hard money lenders Miami or hard money loans Miami, please call 954-816-0388 or fill out our application.