If you’re like many homeowners, you’ve considered getting a hard money rehab loan for your Atlanta home. However, you may not know enough about hard money rehab loans to decide whether or not it’s a good idea. What is a Hard Money Rehab Loan? A hard money a rehab loan is cash you borrow from a lender so you can make improvements to a property. In some cases, particularly when you own your property with no encumbrances (you don’t owe any money on it), you may wish to take out an equity loan. Paces Funding can lend you up to
In real estate, equity refers to the dollar amount that the property owner has paid off on their loan. A crafty property owner can refinance their first mortgage into a loan that is more than they currently owe. They are entitled to take out the remaining difference as cash – this is known as cash-out refinancing. Cash-Out Refinancing and Real Estate Investments Many house-flippers use cash-out refinancing for multiple purposes: Purchasing power. Refinancing your mortgage can give you the capital necessary to invest in multiple properties at once. Home rehab. You can use the cash for home improvements that will
If you’re a real estate investor who wants to take equity from one property and reinvest it by buying another property, a cash-out refinance through a hard money loan may be exactly what you need. What is a Cash-Out Refinance With Hard Money? Cash-out refinancing helps you get the equity out of a house that has appreciated in value. Let’s say you purchased a rental property for $100,000 a decade ago. Today, that property has appreciated in value so that it’s worth $125,000. You’d like to get that extra $25,000 to invest in another rental property, but you don’t want
You’ve probably heard the term cash-out refinance before, but what does it really mean – and what does it have to do with hard money lending? Explaining Cash-Out Hard Money Loans A cash-out refinance is a mortgage transaction in which the new mortgage amount exceeds the existing mortgage amount. Its purpose is to pull out equity; it’s an alternative to a home equity loan. It’s a way for borrowers to get money out of the equity in their homes to pay down debt or make additional purchases. Cash-Out Loans for Investors If you own a property, either with no loan
When banks don’t want to provide you with the financing you need, an Atlanta hard money lender can step in and make things happen. But what is a hard money loan, and how hard is it to qualify for one? Is it the right solution for you? Hard Money Real Estate Loans in Atlanta Whether you’re interested in building a new home, you want to purchase an investment property or you’re ready to borrow cash against a free-and-clear property, a hard money real estate loan might be your best option. Hard money real estate loans for new construction: Because banks
Paces Funding is Atlanta’s largest hard money lender. We are leading the way with innovative financing solutions for real estate investors. Our staff has processed over 1,000 loans over the past decade and is excited about the new opportunities we will be providing our clients. Over the next six months, Paces Funding will be introducing new real estate financing and investment opportunities. Contact us today to get pre-approved for a hard money loan.