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How To Use Hard Money Short Term Loans To Your Advantage
Hard Money loans are commercial real estate loans that are short term in nature for business and investment purposes. One of the key advantages of these type of loans is quick access to non-qualifying financing. This type of loan is ideal for a person or a company, such as an LLC, that wishes to buy a foreclosure at the courthouse steps as a short term investment. Many properties in this category need repairs and their condition would not qualify for traditional financing due to appraisal requirements. It could also be a resale where the property needs work in order to resell...
February 21st, 2018 | Hard Money Loan, Construction Loan, Commercial Real Estate, Investor Loans, Real Estate Investment Loans, How To Use Hard Money Short Term Loans To Your Advantage
A Reverse Mortgage is Not a Construction or Property Rehab Loan
There appears to be a misconception in the market among some that a Reverse Mortgage can be used to solve any and all property and borrower ailments. This is categorically incorrect. A Reverse Mortgage is designed for a primary residence only and does not extend to second homes or investment property. A Reverse will allow up to ten percent (10) of the appraised value of the property for set asides to cover standard property repairs that may exist. Repairs eligible under this category do not include health, safety, and/or zoning issues. When a property reaches this state or re...
September 25th, 2013 | Reverse Mortgage, HECM Reverse Mortgage, solutions for underwater properties, FHA, Construction Loan, Hard Money Loan, Government insured mortgage, A Reverse Mortgage is Not a Construction or Property Rehab Loan
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