Coast2Coast Mortgage – Hard Money Division’s dependable hard money loan programs are convenient and quick! The simplified loan process ensures clients receive the funding they need for their income-producing properties in a short amount of time, allowing them to invest quickly.
What is a Hard Money Loan?
A hard money loans is often a short-term bridge or a last resort type loan. These types of loans are backed by the value of the real estate, and not usually by any credit worthiness. People typically pursue a hard money loan because they either don’t qualify for a conventional loan or they need the money quickly. Unlike conventional loans, which can take weeks to process, hard money loans can be ready in a couple of days.
Hard money loans, usually pursued by investors planning to flip property to rehab and sell the property which is used as collateral for the financing. Which makes the option appealing because the property owner expecting to resell the real estate within a short period of time and pay off the debt. Hard Money Loans being a costlier option is often offset by some of the advantages to the borrower.
Which Types of Property Could be Used as Collateral? List Includes: