Hard Money Loans Demystified Insights from MyPerfectMortgage

If you’re in a unique home buying situation, whether it’s your home or an investment, a hard money loan could help you. We can help you navigate this option and connect you with a hard money lender that will work with your individual situation.

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How Can a Hard Money Loan Help You?

We can connect you with a hard money lender who can help you secure a private loan for your individual situation. A hard money loan comes from a private individual or funding group and is based on collateral assets rather than your financial qualifications.  

With a quick turnaround time and fewer strict requirements, hard money loans can be beneficial in a number of different circumstances. Are you any of the following?

  • Self-employed
  • Buying a home
  • An investor
  • A house flipper
  • Having a hard time qualifying for conventional 
  • A broker 
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Hard money loans can offer flexibility and efficiency on a number of projects. 

  • Residential rehab
  • Fix & flip or fix-and-occupy 
  • Bridge loans 
  • Cash-out refinancing
  • Buy and hold
  • Distressed property
  • Ground-up construction of single-family and multi-family homes
  • Commercial, non-owner occupied businesses
  • Refinance

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Navigating the home buying process as a consumer doesn’t have to be difficult or overwhelming. A hard money loan could be right for you, rather than a conventional loan.

What is required for a Hard Money loan?

Find the property that you’re looking to finance before you talk to the hard money lender. You’ll provide information about this property to your lender and then discuss your plans. The details of your loan will be figured out between you and the lender, including your plan to pay back the loan whether that be by selling, renting, or flipping the property. 

Can I buy my first home with a Hard Money loan?

Hard money lenders will work with those who are hoping to buy their first home. Since hard money lenders are setting the loan circumstances, they’re often easier to obtain than a conventional loan.

How is a Hard Money loan different from a conventional loan?

You won’t face the same red tape and paperwork with a hard money loan as you would with a conventional one. Application, approval, and the rest of the process take a much shorter time than a traditional loan from a bank. As mentioned above, you and the lender will set the terms of the loan whereas a bank would set loan terms with a conventional loan. This allows you to build a relationship with your lender so that they may be more willing to work with you in the future.

Why get a Hard Money loan to purchase a home?

We’ve discussed the quick turnaround time of the whole loan process, but the leniency is also a benefit for new or previous homeowners. If you have had a foreclosure or, for whatever reason, need to find a new home quickly, a hard money lender can help. If your income is difficult to track due to the nature of your work or due to being self-employed, it will be easier for you to obtain a hard money loan than a conventional one.

How do I find a Hard Money lender?

Submit your scenario and My Perfect Mortgage will find the right lender for you to meet your mortgage goals, taking the guesswork out of finding the perfect lender.