Private money lending, sometimes referred to as hard money lending, offers mortgages to borrowers who are in need of an alternative money source. These are typically fast close and short term mortgage loans provided by a private investor or investment company. If a borrower does not meet standard mortgage guidelines or if a buyer needs to purchase a specific property that is uninhabitable, a conventional mortgage is probably not available and private money may be a great option. These transactions heavily focus on the borrower’s equity for approval. The most popular use of a private money lender is for the purchase of a fix and flip property.
For Mortgage Professionals
Easier qualification and mortgage processing.
Approval is focused on equity in a property.
Fast closing timelines for borrowers who need money as soon as possible.
Flexible financing for borrowers or properties that do not meet standard mortgage qualification.
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The recent announcement from Fannie Mae and Freddie Mac regarding caps on investment and second-home properties has already sent ripples through the mortgage community. In
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