Hard money loans, what are the pros and cons?
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Here's all I know about them
Pros: if you have difficulty getting a loan through a bank or mortgage company for whatever reason (credit too low, can't document income, unique type of property) then you might still be able to get a hard money loan
Cons: rates can be much higher than what a bank or mortgage company would offer; you might get hurt if you don't pay it back (depending on who loans you the money, i.e. the mob); you usually have to put a significant amount of money down on the home (30% of value)
I see it as a last resort
Hard money loans, what are the pros and cons?wow, my timing and your timing is
great......
"Hard Money and Other Creative Investment Systems
NO Risk Investing Does Exist"
this is an article on this subject I wrote for associated Content.com
It was part of a post graduate degree requirement.
YOU did not indicate if you wanted to become a lender or a borrower!
Hard money loans, what are the pros and cons?I use to deal only with banks but a few years back i made contact with a hard money lender Cost about the same And it was so easy He came out look at the property "how much you want " No docs nothing Ask him why "your not going to let me have this property for that amt of money''
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