the advantages and disadvantages of hard money loan in philadelphia
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Call UsThe Advantages And Disadvantages Of Hard Money Loan In
Pennsylvania
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Hard Money Loan• Like every other type of loan there are advantages
and disadvantages of hard money loan, but if used wisely it can be a very effective tool to get out of bad credit situation.
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Hard Money Loan Advantages
Doesn’t require credit history Rapid process Minimum
paperwork
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Doesn’t Require Credit History
The entire concept of hard money loan is based
on loan against your assets so there is no reason to
look into your credit history.
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Rapid Process• Hard money lenders in Pennsylvania will be
able to hand over the money in less than three working days.
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Minimum Paperwork
• In case of any type of conventional loan the bank or lending institution will subject you to a grueling paperwork for days, even weeks. You will need to fill in endless applications, sign several documents and so on.
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• Securing hard money loan involves very less paperwork, hence rapid processing.
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Hard Money Loan Disadvantages
Higher Interest Rates
Lower LTV (Loan To Value)
Beware Of The Shady Lenders
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Higher Interest Rates• Since there is greater risk involved, any lender
will demand higher reward for investing his/ her money.
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• The state laws of Pennsylvania restrict lenders from charging excessive interest rates but make sure that you are securing loan from a reputed and licensed lender.
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Lower LTV (Loan to value)• some lenders may offer loan to value as high
as 85% of the property value and as low as 20% of the property value.
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• LTV depends on the hard money loan lender’s approach and the circumstances surrounding the property in question.
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Beware Of The Shady Lenders• Make sure that you have secured
hard money loan from a licensed and professional lender.
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Licensed Lender
• You should check whether the hard money loan lender you have in mind carries licensing from National Mortgage Licensing System (NMLS).
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Shepherd Alternative Funding
• Hope you enjoy this presentation.• We Finance advisor in Philadelphia streamline
the loan process for time sensitive transactions.• Visit our site for more details.
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