Hard Money Loans
Whether you are trying to flip a house, buy an investment or commercial property, or simply need a loan fast, a hard money loan is perfect for all these needs and more. Hard money loans allow for faster loans than traditional loans that rely on property rather than credit history to be secured. When traditional loans just don’t get it done, hard money loans might be right for you.
Intro to Hard Money Loans
Loan Vault is all about working fast and working well. We know what it means to work to a deadline to make a buck, and we understand in the property world, sometimes that means getting hard money fast. We love the thrill and pace that come with hard money loans, using our years of experience to be fast, without hurrying, to ensure the right process is followed to get you your best loans in the shortest amount of time. Call one of our trusted Loan Officers today to see just how quick we are talking about.
What is a Hard Money Loan?
A hard money loan is a loan that is backed with the tangible asset set by the lendee. These assets work just like traditional mortgages, where the lender acquires the asset if the lendee fails to make a payment. These loans are perfect for people who are looking to get loans that take days rather than weeks or months. These loans often come with higher risk due to fast processing, and thus come with higher rates and often require a history of successful endeavors in property to secure the loan. Because of these tangibles and connection to a high value asset, these loans are able to be used for large sums in short amounts of time.
These loans have:
- Fast approval processes
- Flexibility in their structure and processes
- None credit based approval
- Emphasis on the property being purchased, not the borrower
Is a Hard Money Loan Right For You?
Requirements (one or more of the following) to keep in mind when considering a Hard Money loan:
- Typically have a history of successful investment in property, flipping houses, etc.
- Proof of ability to afford repayments