What Benefits Do Hard Money Loans Provide?
When speed is very necessary to complete a profitable transaction, it can make sense to pay for short-term private money rather than walk away from the deal. Owners of expensive properties benefit when they want to cash out large amounts of their equity via refinance loans, equity loans, equity lines of credit or debt consolidation loans. Real estate investors use private money loans because there are no lengthy timelines or restrictions required by bank loans. Borrowers facing foreclosure also benefit. When the foreclosure process starts, the borrower may be so far behind that conventional lenders hesitate to refinance the loan. A private money lender may be willing to give your client a new loan. Your client can use the funds to pay off the original loan and secure enough time to sell the property and find a new place to live. Borrowers who have temporary problems can use a private money loan to rebuild their credit. By making payments on time for a year or two, they create the oppor
