The Advantages And Disadvantages Of Hard Money Loan In Philadelphia
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Transcript of The Advantages And Disadvantages Of Hard Money Loan In Philadelphia
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Call Us The Advantages And Disadvantages Of
Hard Money Loan In
Pennsylvania
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Hard Money Loan
• Like every other type of loan there are advantages
and disadvantages of hard money loan, but if used
wisely it can be a very effective tool to get out of
bad credit situation.
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Hard Money Loan Advantages
Doesn’t e ui e credit history
Rapid process Minimum paperwork
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Doesn’t Re ui e C edit Histo y
The entire concept of hard money loan is based on
loan against your assets so there is no reason to look
into your credit history.
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Rapid Process
• Hard money lenders in Pennsylvania will be
able to hand over the money in less than
three working days.
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Minimum Paperwork
• In case of any type of conventional loan the
bank or lending institution will subject you to
a grueling paperwork for days, even weeks.
You will need to fill in endless applications,
sign several documents and so on.
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• Securing hard money loan involves very less
paperwork, hence rapid processing.
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Hard Money Loan Disadvantages
Higher Interest Rates
Lower LTV (Loan To Value)
Beware Of The Shady Lenders
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Higher Interest Rates
• Since there is greater risk involved, any lender
will demand higher reward for investing his/
her money.
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• The state laws of Pennsylvania restrict lenders
from charging excessive interest rates but
make sure that you are securing loan from a
reputed and licensed lender.
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Lower LTV (Loan to value)
• some lenders may offer loan to value as high
as 85% of the property value and as low as
20% of the property value.
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• LTV depends on the hard money loan lende ’s approach and the circumstances surrounding
the property in question.
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Beware Of The Shady Lenders
• Make sure that you have secured hard money
loan from a licensed and professional lender.
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Licensed Lender
• You should check whether the hard money
loan lender you have in mind carries licensing
from National Mortgage Licensing System
(NMLS).
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Shepherd Alternative Funding
• Hope you enjoy this presentation.
• We Finance advisor in Philadelphia streamline
the loan process for time sensitive transactions.
• Visit our site for more details.
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