With over 14 years of experience in the industry, shes super knowledgeable, professional and. The turnaround time on a hard money loan, for example, usually happens in a few weeks compared to the months it can take for traditional mortgages to be buttoned up. Lesa is one of the top producing loan officers at Rain City. Lenders justify these expenses because, for the most part, hard money loans are easier for borrowers to qualify for and are processed quicker than traditional mortgage loans (meaning the lender takes on more risk). You'll also likely make a significantly larger down payment at 20%–35% of the property's value or its after repair value (ARV). The interest rate on these loans is also usually much higher than that of a traditional mortgage and can range from 8%–15%. In other words, you'll need to be certain of your ability to pay back the loan quickly before taking one on. The repayment period of a hard money loan typically lasts from six months to a few years since it's meant to be a short-term loan traditional mortgages, by contrast, usually have repayment terms between 15 and 30 years. Hard money loan lenders may check your credit score, but they also consider the value of the property you're purchasing (remember that this type of loan must be secured by the property). The main borrowers of hard money loans are people who want to purchase an investment property to buy and sell, for instance. Investing +More All Investing Best IRA Accounts Best Roth IRA Accounts Best Investing Apps Best Free Stock Trading Platforms Best Robo-Advisors Index Funds Mutual Funds ETFs Bonds Help for Low Credit Scores +More All Help for Low Credit Scores Best Credit Cards for Bad Credit Best Personal Loans for Bad Credit Best Debt Consolidation Loans for Bad Credit Personal Loans if You Don't Have Credit Best Credit Cards for Building Credit Personal Loans for 580 Credit Score Lower Personal Loans for 670 Credit Score or Lower Best Mortgages for Bad Credit Best Hardship Loans How to Boost Your Credit Score Taxes +More All Taxes Best Tax Software Best Tax Software for Small Businesses Tax Refunds Small Business +More All Small Business Best Small Business Savings Accounts Best Small Business Checking Accounts Best Credit Cards for Small Business Best Small Business Loans Best Tax Software for Small Business Personal Finance +More All Personal Finance Best Budgeting Apps Best Expense Tracker Apps Best Money Transfer Apps Best Resale Apps and Sites Buy Now Pay Later (BNPL) Apps Best Debt Relief
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