Choosing Hard Money & Bridge Loans To Stop Foreclosure On The Commercial Or Residential Property

Hard money loans can certainly forestall a foreclosure. Such loans are actually the specialty that displays the best as well as the worst in non-conforming (also referred to as hard money) loan companies. If you are being confronted with foreclosure on any property - either one that you own or one that you would want to purchase before it hits or may be actually in foreclosure hard loan providers may be your single resource for enough cash in a judicious manner. If you have sufficient equity in the property which will allow for payments to be escrowed for at least a period of six months most hard money loan companies will consider financing your loan. The particular property must be within a desirable neighborhood that has a marketing time of 1 year or less. Hard money lenders would prefer not to put themselves in a similar position your previous lender was in.

Hard money lenders, like Mager Capital, can finance a real estate investment or re-finance loan in two weeks - or sometimes even less - from the time most of your documentation is in their hands. Make sure to have all the documentation ready for the broker or financier. Use the below list as a guideline:

Written real estate appraisal with photos

Purchase agreement if you are acquiring the particular property

Own personal financial statement

Earning statement for the borrower

Two years P&L for the property if it is income generating

2 yrs Tax returns of the borrower

Declaration of use of funds

Evidence of where the balance of funds will come from (like a bank statement documenting the funds available) if you are buying the particular property

Being prepared with an entire package can speed your funding.

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A Private Capital Lender Like Mager Capital Can Be The Answer For Fast Capital.
When lightening fast time and below bank red tape is a requirement, hard money funders such as Mager Capital are the answer. Institutional lenders tend to take such a long time to make a decision in this sad capital market that hard money lenders are taking their place.

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