Having Hard Money & Bridge Loans To Prevent Foreclosure On A Commercial Or Residential Property
Hard money loans will be able to forestall a foreclosure. Such loans are usually the specialty which displays the best and worst in non-conforming (generally known as hard money) loan companies. If you are being confronted with foreclosure on a property - perhaps one that you own or one that you wish to purchase just before it hits or may be actually in foreclosure hard loan providers may be your lone resource for enough cash in a timely manner. If you have enough equity in the property that will allow for payments to be escrowed for not less than a period of six months most hard money loan providers will consider financing your loan. Typically the property must be within a desirable area which has a marketing time of 1 year or less. Hard money lenders have no desire to place themselves in a similar position your previous lender was in.
Hard money lenders, like Mager Capital, can finance a real estate investment or refinance loan in a fortnight or so - or sometimes even less - from the time all your documentation is actually in their hands. Make sure to have all the documentation ready for the broker or financier. Use the below list as a guide:
Prepared real estate appraisal with photos
Purchase contract in case you are acquiring the particular property
Own personal financial statement
Earning statement for the borrower
Two yrs P&L for the property or home if it is income producing
Two years Tax returns of the borrower
Declaration of use of funds
Evidence of where the balance of funds will come from (like a bank statement showing the cash available) if you are buying the property
Being ready with an entire package can speed your funding.
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