Do you also dream of buying your own house in Denver, but can’t afford the complete payment at once? Are you looking forward to getting a loan, but can’t figure your way out? There could be so many scenarios and much many confusion when you want to get a loan.

There is a different type of loans that you can consider, such as real estate purchase loans, bridge loans, joint venture loans, and hard money loans. But, if you want a loan quickly and with fewer requirements, then hard money loan is the option for you. You can easily find a trustworthy hard money lender in Denver. When the bank says “No” to your dreams, hard money lenders provide a path to your goals.


Hard Money Loans: Quickest Route To Your Dream House

A hard money loan is a loan given by private investors for a short duration of time. Also known as a short-term loan, this loan is generally funded by the fund of investors and usually be given for 12 months of period.

However, the time depends upon the amount of money and time could be extended up to 2-5 years. Hard money loans could be funded in just one day, the hard money lender in Denver generally check for the following factors before lending money to the borrower

- Amount of down payment for the property
- Exit strategy for the property
- Experience of the borrower(if he has any)

If a borrower has some savings or cash handy to pay the installments.
Once the lender that this much information, he will quickly burrow your loan. The process takes a maximum of 3-5 days in Denver, which is much more convenient as compared to bank loans, which take more than a month to get approved.


Interest Rates And Property Type for Hard Money Loans

The hard money lenders have more risk in lending money as compared to conventional loans, and that’s why the interest rates are higher. Although the interest varies from lender to lender, region, and loan to value ratio, generally the interest rate is somewhere between 10-15%.

The hard money lender also charges points, which are the fees for originating the loan, and this could vary from 2-4%. In specific situations, the points and interest rates could be much higher than this.

You can surely find a hard money lender for your type of property. Most of the hard money lenders lend the loan of all kind of features such as - commercial, industrial, single, and multi-family residents. Some lenders are specific for their property type and don’t lend loans for some other property type loan because of their lack of experience in that area.


Disadvantages of Hard Money Loans: Things you should know before


Till now, you are only reading about the advantages of hard money loans, but the following are the disadvantages of hard money loans which a borrower should know before considering hard money loans.

- The interest rates higher - As mentioned earlier, the interest rates are higher due to higher risk.

- They are for a short duration only - Due to higher risks, they are only lent for 3-5 years maximum and generally for 1-2 years only. Although as mentioned before, all the factors depend upon the amount of money.

- The requirement of down payment - The hard money loans require some hard asset or equity of 25-30% in the property until the investment has been returned.

All the disadvantages are because the lender has high risks in lending the money, and that’s why the situation needs to be secured. We would recommend you to do some more research about hard money before buying your dream house.

You can search for - Hard money lenders near me, Types of a deal for which hard money loans are used for, Best lenders for hard money in Denver, How to trust a hard money lender.
 
Conclusion - The article must have cleared some of your doubts about hard money loan, you must be aware of both the pros and cons of hard money loan. The high-interest rates are, but when nobody helps you, hard money lenders are there for you. Still, we would recommend you to do a comprehensive research about the lender and then only get associated with the deal.

Ya' know, if you do this that someone, even many someones, are not going to like it. So why, oh why, would an author implore readers/followers to "diss the haterz" when said author had to know that the book would elicit this type of reaction?

How stupid does the author hope we are?

I feel a rant coming on ...

[reblogged from 38 Caliber reviews]

R K Howard left a comment on my Amazon review. He was courteous and professional. So while I won't recommend Error Code Howard has 3 other offerings on Amazon, so go and look and maybe one or more will interest you.

This one caught my eye. I ride the bus, a mass transit detour story might be just the thing to read on the Ride.

Or not.