A: Hard money loans are ideal for real estate investors, people with less-than-perfect credit, or those who need fast financing. It’s also suitable for buyers purchasing high-value homes that exceed traditional loan limits.

A: The approval process for hard money loans is easier due to the fact that to qualify income and credit are not a qualifying factor. It primarily depends on the value of the property rather than the borrower’s credit score or income.

A: Hard money loans typically have shorter terms than traditional loans, Most are 1 to 2 years. Borrowers usually refinance or sell the property by the end of the loan term. There may be options for longer terms in specific areas.

A: Yes, but hard money loans can only be used for a primary residence when applying to your business or investing in real estate, but they are more commonly used for investment properties, renovations, or short-term financing needs.

A: No, hard money lenders focus on the value of the property, not the borrower’s credit score. While creditworthiness is considered, it is not a qualifying factor as it is for traditional loans.

A: Yes, as long as its business purposed, this way you can keep the good interest rate you have on your first and get a Second Mortgage.