Set to Go Loans

Information may not be reliable

Interest rate on hard money

The rate is not dependent on the Bank Rate. It is instead more dependent on the real estate market and availability of hard money credit. As of 2008 and for the past decade hard money has ranged from the mid 12%–21% range[1]}}. When a borrower defaults they may be charged a higher "Default Rate". That rate can be as high as allowed by law, which may go up to or around 25%–29%. Some private lenders will collect a prepayment penalty and some will not.
Hard money points
Points on a hard money loan are traditionally 1 to 3 more than a traditional loan, which would amount to 3 to 6 points on the average hard loan. It is very common for a commercial hard money loan to be upwards of four points and as high as 10 points. The reason a borrower would pay that rate is to avoid imminent foreclosure or a "quick sale" of the property. That could amount to as much as a 30% or more discount as is common on short sales. By taking a short term bridge or hard money loan, the borrower often saves equity and extends his time to get his affairs in order to better manage the property.
All hard money borrowers are advised to use a professional real estate attorney to assure the property is not given away by way of a late payment or other default without benefit of traditional procedures that would require a court judgement.
So why choose a hard money loan?

With more than 10 years of loan experience, we use our knowledge of mortgages to explain everything, so you can understand the process and why it needs to be performed. Additionally, we can show you how to pay off your home 8 to 10 years sooner. Contact our brokers in Memphis, Tennessee, for complete mortgage services including first-time home loans and foreclosure bailouts. Ask about our reverse loans for seniors.

What is a Reverse Mortgage? With a traditional mortgage/forward mortgage, (this is used to purchase a home), you make regular monthly payment until the loan is paid off. Now the process is reversed from when you bought your home. Reverse mortgage allows you the homeowner to use the equity in your home for income. Without having to be credit worthy to receive this loan.

Do you need extra cash or a lower interest rate? All it takes is one call.
One call can save you when you call Kenneth for mortgage services.

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