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Buying Or Re-Financing A Hard Money Mortgage
Hard money comes in multiple flavors; one of the most popular is mortgages. Using the owner's equity in real estate, hard money lenders commonly lend 60% - 65% of the price of real estate property. In general, hard money mortgages can be used for commercial purposes. But, they can also be used on residential properties. In this instance, the loan is usually called by its more gentle name: a non-conforming mortgase.
Lending criteria for California hard money mortgages are quite simple. The loan is based on the price of the 'subject property' - either real estate owned or going to be purchased by a customer. If the borrower is purchasing property, the "value" of the real estate is defined as the real purchase price of the property. If the debtor needs hard money for a re-finance situation, the 'value' is defined by a written real estate appraisal.
If you are trying to get a hard money refinance loan, the lender will want to know when you bought the property and what you paid for it. If you owned a property a month back for a specific amount, the loan company will be disinclined to give you more than that purchase price. In case you own the property for roughly a year, particularly if you have put certain amount of money, sweat equity, or both into the property, you can get a new estimation and get a loan based upon the new, greater value of the property. This is termed as 'seasoning.' Be certain you have seasoned your property before going out for a refinance loan at a significantly greater value figure than the amount you paid for it.
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