Hard money mortgage lenders are getting a lot of attention lately. It seems that this type of lending, which is very straightforward, is impacting on the wider commercial market in unexpected ways. The big question now is whether or not these loans are actually better than conventional mortgages.
Residential hard money loans are essentially the same thing in several ways – Any hard money loan, by definition, is taken out against collateral assets. Other types of hard money loans include commercial loans, private loans, and loans for practically any purpose.
The big difference is the lending market environment. Hard money loans are provided by private money lenders, not financial institutions. Many of these lenders are professional money lenders, experts in their own fields, and some specialize in particular types of loans.
If you’re getting the impression that this market is both highly professional and very efficient, you’re quite right. Hard money lending has another major trick up its sleeve – There is almost no bureaucracy, definitely no “application misery”, and it is possible to get hard money loans where a low credit score may count against the borrower in the commercial market.
Better still – When you apply for a hard money loan, you will get competing loan offers. You don’t get the usual commercial market microscopic variations in loan rates; you get commercial offers from the private lenders. You can also save money and save time by applying for your hard money loan online. To manage aloan, all you need to do is repay according to the loan terms.
As you can see, there are plenty of good reasons for considering residential hard money loans better than the conventional loans. To save you some time looking for a hard money loan site, we found a website called Lending Universe.com which is a particularly good example of the modern hard money lending market.
Their site has everything. You can apply for a hard money loan online, and they provide a lot of very useful, well laid out information regarding hard money borrowing. You can check out their website here at http://lendinguniverse.com/. If you need help, have questions, or would simply like some guidance, you can contact them directly online or by phone. Their customer service is also excellent.