A hard money lender can mean different things to different people. In BC real estate this refers to individuals or companies like a (MIC. Mortgage Investment Corporations) that lends mortgages outside the banks strict lending guidelines. In the mortgage industry we refer to hard money lenders as private mortgage lenders or home equity lenders.
Where do you find Hard Money Lenders?
There are many places you can find hard money lenders. Primarily you should consult with a Mortgage Broker who would have the proper skills to guide a consumer through the tricky process of mortgage financing. Other places you can find Alternative Mortgage Lender services is through sites in British Columbia like Kijiji and Craigslist. I do not recommend dealing directly with individual money lenders you should use the services of a BC Mortgage Broker.
What Sorts of Loans Do Hard Money Lenders Provide?
Hard money lenders in real estate provide a variety of mortgage financing. Generally these lenders provide 1st Mortgage 2nd Mortgage & 3rd mortgages but can also do draw mortgages for construction and provide commercial mortgage financing as well as stop foreclosure mortgages.
What sort of interest rates do Hard Money Lenders offer?
Interest rates from these types of lenders vary depending on the position 1st 2nd or 3rd of financing and the loan to value as well as the city or towns location. 1st mortgage rates would be your lowest rate then 2nd & 3rd position would be substantially higher rate. For an estimation of private mortgage rates call us and we can give you an estimate right over the phone.
What sorts of Terms Do Hard Money Lenders offer?
These types of mortgage financing come with 1 or 2 year terms. Primarily this type of financing is used to help get home owners out of tough financial situations. A shorter term allows individuals to correct their income or credit situation and improve their financial outlook in hopes to become bankable in as little as 1 year.