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Purchasing Or Re-Financing A Hard Money Mortgage
Hard money comes in several flavors; one of the most well-known is mortgages. Using the owner's equity in real estate, hard money providers generally lend 60% - 65% of the value of real estate property. Generally, hard money mortgages are used for commercial purposes. Nevertheless, they can also be used for residential properties. In this situation, the loan is generally referred to by its more gentle name: a non-conforming mortgase.
Lending rules for California hard money mortgages are fairly simple. The loan is based on the price of the 'subject property' - either real estate owned or going to be owned by a borrower. If the borrower is buying property, the "value" of the real estate is determined as the actual purchase price of the property. If the debtor needs hard money for a re-finance issue, the 'value' is determined by a written real estate appraisal.
If you are looking for a hard money refinance loan, the lender is going to know when you purchased the property and what you paid for it. If you purchased a property a month back for a particular sum, the lender will be refusing to lend you more than that purchase price. If you own the property for roughly one year, especially if you have put some money, sweat equity, or both into the property, you can have a new appraisal and get a loan according to the new, greater value of your property. This is called 'seasoning.' Be sure you have seasoned your property before heading out for a refinance mortgage at a significantly greater value figure than the money you invested for it.
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