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Hard Money Loans - What's it all about?

Ever wondered about hard money lenders (http://www.investing-secrets.com/related/17658-hard-money-lendershard.php) and when they should be used in your real estate investing? Well, here's the layman's guide to getting started with hard money loans (http://www.investing-secrets.com/related/17658-hard-money-lendershard.php). We'll begin by presenting the negative aspects of hard money but introduce the benefits towards the end... so read on.

One of the last resorts to fund your real estate deals should be a hard money loan because you are dealing with experienced investors who are on the lookout for good returns on their money which makes it amongst the most expensive money for you to borrow.

Hard money lenders are third party lenders and unlike the big institutional lenders charge interest rates above market rates. Hard money lenders typically require 5-10 percentage points higher interest rates than private money or conventional lenders. Plus, hard money lenders will typically charge you "points" on a loan which is pre-paid interest thereby making this a rather expensive funding alternative.

So, on the plus side, hard money loans are generally worth approximately 65-70% of the after repair value (ARV) of the property in question. This is beneficial because it allows you to obtain the necessary cash to finance renovation costs as well as the purchase price. This means you can potentially get into a deal with little to no money down if the after repair value to cost ratio is high enough.

Hard money lenders will lend based on loan security and not on the applicants character or trustworthiness nor do they lend based on their credit score. Hard money loans (http://www.investing-secrets.com/quiz) may not have the best rates but they are flexible and can be an alternative option for applicants with low credit, or those who don't want to waste time waiting for approval from banks and credit unions.

So where do you find hard money lenders? The first place to look is in the "money to lend" section of your local newspaper. The second would be at a meeting of your local real estate investing association. Local hard money lenders will often attend to solicit new business. Finally, don't forget to check online - just search for "hard money lenders" or "hard money loans".

Here's a layman's guide to borrowing hard money loans (http://www.investing-secrets.com/). Third-party lenders who charge interest rates higher than the prevalent market rates for lending are called hard money lenders (http://www.investing-secrets.com/). The interest rates charged by them are typically 5-10 percentage points higher than the conventional lenders. They are beneficial because they allow you to obtain the necessary cash flow to finance renovation costs which may lie in your future. They are also notorious for charging "points" on a loan which is essentially a pre-paid interest on loan. They will often attend to solicit new business. Finally, don't forget to check online - just search for "hard money lending (http://www.investing-secrets.com/)".

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