27 03, 2022
  • What Are the Requirements for a Hard Money Loan?

What Are the Requirements for a Hard Money Loan?

By |2022-03-12T21:04:32-05:00March 27th, 2022|Categories: Hard Money, Hard Money Loans, Investing, Investment, Investment Properties, Investments|Tags: , , , , |0 Comments

If you are an investor who needs to borrow hard money, and you've never done it before, you're most likely wondering what the requirements are to take out this type of a loan. This guide explains the requirements for a hard money loan so you understand the basics before you get in touch with the lender. What Are the Requirements for a Hard Money Loan?  First things first: a hard money loan is a short term loan that typically offers a higher interest rate than a conventional mortgage would. Many investors use these types of loans to purchase properties at

11 03, 2022
  • Are Hard Money Loans a Good Idea?

Are Hard Money Loans a Good Idea?

By |2022-02-27T03:05:33-05:00March 11th, 2022|Categories: Hard Money Loans, Investing, Investment, Investment Properties, Investments, Real Estate|Tags: , , |0 Comments

If you're a real estate investor, a hard money loan may be a great idea for you. However, these loans aren't right for everyone. In fact, they aren't even right for all investors. This guide explains whether hard money loans are a good idea, and in which situations they can work in your favor. Are Hard Money Loans a Good Idea? Hard money loans are only a good idea if you need to borrow money for a very short period of time, you're willing to spend more than average on interest, and you need to borrow on the after repair

6 03, 2022
  • Who Should Use a Hard Money Loan?

Who Should Use a Hard Money Loan?

By |2022-02-27T03:02:46-05:00March 6th, 2022|Categories: Hard Money Loans, Investing, Investment, Investment Properties|Tags: , |0 Comments

There's a good chance that you've heard of hard money loans, but who are they for, and why do they work for some people and not others? This guide explains. Who Should Use a Hard Money Loan? There are generally two types of people for whom hard money loans work the best: investors and those who have been rejected by banks. Here's a closer look at each. Hard Money Loans for Investors Generally, people who intend to purchase a home at a low price, fix it up and then sell it at a higher price are great candidates for hard

1 03, 2022
  • Hard Money Loan Down Payment Requirements

Hard Money Loan Down Payment Requirements

By |2022-02-27T03:00:09-05:00March 1st, 2022|Categories: Down Payment, Hard Money Loans, Interest, Investing, Investment, Investment Properties|Tags: , , , |0 Comments

Although hard money loans are very different from conventional loans, there's a good chance that you'll need to put down a down payment in order to borrow from a hard money lender. This guide explains hard money loan down payment requirements and how they affect your ability to borrow. How Much Money Do You Need to Put Down on a Hard Money Loan? Most hard money lenders require you to put down 10 percent of a home’s after repair value as a down payment. However, every situation is different, and you should talk to a hard money lender about your

27 02, 2022
  • How Does a Hard Money Loan Work?

How Does a Hard Money Loan Work?

By |2022-02-27T02:56:35-05:00February 27th, 2022|Categories: Hard Money Loans, Interest, Investing, Investment, Investment Properties, Investments, Loan, Real Estate|Tags: , , , |0 Comments

If you're like many investors, you've heard of hard money loans. But how do they work, and could one of them be right for you? This guide explains. How Does a Hard Money Loan Work? Money loans work a lot like regular loans do, but there are some key differences. First, you can get the cash from a hard money loan much more quickly than you could if you were to borrow from a traditional lender. Additionally, your interest rate will likely be a little higher, and you'll have to repay the loan much faster than you'd have to repay

6 01, 2022
  • Why Use a Hard Money Loan to Buy a Distressed Property?

Why Use a Hard Money Loan to Buy a Distressed Property?

By |2021-12-22T17:30:11-05:00January 6th, 2022|Categories: Hard Money, Hard Money Loans|Tags: , , |0 Comments

If you’re like many people, you know that financing a distressed property can be tough – that is, unless you use a hard money lender. Here’s what you need to know.  Why Use a Hard Money Loan to Buy a Distressed Property? Conventional lenders often can’t approve investors quickly enough to pounce on great deals, and that’s true whether you’re buying a distressed property or any other property. This leads to many investors working with hard money lenders to buy these – and other – properties. But there are other reasons people use hard money to buy distressed properties, too.

16 10, 2020
  • 3 Intriguing Real Estate Rumors That Are Really True

3 Intriguing Real Estate Rumors That Are Really True

By |2020-10-19T21:12:41-04:00October 16th, 2020|Categories: Business, Flipping, Home Improvements, Investing, Real Estate, Selling, Tips|Tags: , , , , , , , , , , , |0 Comments

Whether you consider yourself to be a student of house flipping and real estate, or a seasoned pro, there may be certain industry tales you’ve heard. In a list published this month by The Close, a website designed to give real estate agents and brokerages strategic insights from industry professionals, some intriguing real estate rumors are discussed…ones you might be surprised to learn are actually true. Here are a few. Mark Zuckerberg bought four homes right next to his. From a financial perspective this doesn’t sound implausible at all—Mark Zuckerberg probably has enough cash to buy-up entire blocks of his

7 08, 2019
  • What is Loan-to-Value Ratio in a Hard Money Loan - Paces Funding

What is Loan-to-Value Ratio in a Hard Money Loan?

By |2019-07-07T12:15:51-04:00August 7th, 2019|Categories: Loan|Tags: , , |0 Comments

Many lenders require that certain loans be secured with collateral. The actual value of the collateral (usually a property) is used in combination with a variety of factors, such as creditworthiness, to determine how much money a creditor feels comfortable lending you. You’ve probably encountered the term “loan-to-value ratio”, and may be wondering what that means. Related: Investors are buying huge parts of the housing market. Here's what you need to know. What is Loan-to-Value Ratio in a Hard Money Loan? The loan-to-value ratio (LTV) is a method of determining what percentage of a property’s value can be issued as

27 08, 2018

How Do You Get A Hard Money Loan?

By |2018-08-27T22:38:31-04:00August 27th, 2018|Categories: Bridge Loans, Commercial, Construction Loans, Hard Money Loans, Home Upgrades, Investing, Investment, Investment Properties, Investments, New Construction|Tags: , |0 Comments

Are you considering investing in homes to flip them? Considering a hard money loan, but feel unsure about the process? Here's where you will need to start. Check out our hard money lending criteria. If your situation fits our criteria, just fill out the  online loan application or download and fax it to us. When we get your application, we will check it out. We can get purchasers money much more quickly than traditional lenders. Keep in mind that we lend up to 65 percent of the ARV value of the collateral. Luckily, if the loan will be used in part for the renovation or

24 07, 2018

What Types Of Borrower Requirements Are There For Hard Money Loans?

By |2018-07-24T16:10:26-04:00July 24th, 2018|Categories: Bridge Loans, Construction Loans, Flipping, Hard Money, Hard Money Loans, Home Improvements, Home Upgrades, Income, Investing, Investment, Investment Properties, Investments, Private Lending|Tags: , |0 Comments

Paces Funding is a professional hard money lender, so we have some very specific borrower requirements for hard money loans. Many are shocked to learn that there is actually no credit score requirement for borrowers to meet. Still, borrowers must complete an application. You also must have an executed contract for purchase. Other Borrower Requirements If you are applying for a hard money loan through Paces Funding, you'll need a detailed construction budget for the property from a contractor. If you are the contractor, that's fine, but we will still need a detailed construction budget. We also need to see

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