What is a Cash-Out Hard Money Loan?
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