18 December 2017 00:00:00 AM Breaking News
How to Use Mobile Technology to Increase Sales for Small BusinessesInside the store that only accepts personal data as currencyWhy Religious Policies in Israel Matter to U.S. GentilesTop NYC Official Seeks State Panel To Probe Wrongful ConvictionsGOP HEALTHCARE: BIGGEST POLITICAL FAILURE IN AMERICAN HISTORYGrowth of xenophobia in U.S. drives talent to other landsADVANTAGES AND DISADVANTAGES OF HARD MONEY LOANSGET IN BUYING AND FLIPPING REAL ESTATEIn the United States, blacks and whites struggle to say yes5 Must Have Fashion Accessories for Upcoming Fall SeasonCitizenship: contributing to the common good in a time of ethical pluralismMapped: The world's most - and least - crowded countriesTelecoms are luring customers with cheap plans and unlimited data - Business InsiderThis Is How Some Black Women Are Skirting Racism And Sexism To Find FundingIf You Want To Look Your Best, You Need Our Fashion TipsIf You Want To Look Your Best, You Need Our Fashion TipsAdvice To Help You Find Your Own Fashionable StyleDaily jolt of java may bring longer lifeBlack women are running for office – and it’s just what America needsMobile Marketing Best Practices That Can Skyrocket Your App DownloadsSMS Text Marketing For Business GrowthMobile Wallet App Eases the mCommerce Business WayCHINA INTERNET CRACKDOWN - New Targets In SightWant To Make Money Online? Read ThisOTT Market (Over The Top) Worth US$ 158.4 Billion By 2025Sangoma Closes Acquisition of VoIP Supply LLCMotorsports in India: A growing sport that needs supportLatest Shoe Trends: Walk in a Celebrity Look with these Expensive Range of ShoesARE PUBLIC SCHOOLS FAILING BLACK STUDENTS?Looking for Information Technology (IT) ProfessionalsIn tweet blitz, Trump defends his use of social mediaThe Latest: In tweet blitz, Trump defends social media useConway Admits Trump Told of Russian Hacking in JANUARY yet continued to deny. Pushed to ease sanctionsGrassley: Schumer Knew Trump Was Not Under Investigation When He Publicly Claimed OtherwiseThe DNC Scams the Suckers and Contradicts the Feds on 'Hacking'Leaked CNN Memo: Top Execs to Review All Russia Stories After Very Fake News RetractionRussia Investigation Should Have Been Disclosed Earlier, Schiff SaysSIP vs. H.323: A COMPARISONCloud Business For SaleAMERICA POLITICALLY DIVIDEDExciting Ideas for Matching up the Right Shirt with the Right SkirtElection in UK: Whаt Does Thiѕ Mеаn for Brexit? Cloud Based BusinessDo Black Lives Matter When 75% of Black Boys Can't Read and Write At Standard Levels?North Kоrеа: Chriѕtiаn Pеrѕесutiоn Profile Greece - Culturе, Pоlitiсѕ аnd Wаr8 Things That Will Blow Your Mind in JapanThе Hiѕtоrу оf Ethiорiа - A Must-Read fоr Evеrу Hiѕtоrу Lover Why Do Women Love Italy?Is Brazil Still in the Shadows of the United States of America?Understanding China From A Place of RespectThe Cancer Prevention Diet: Lower Your Risks TodayShould Women Marry Young?The Power and Value of Education

ADVANTAGES AND DISADVANTAGES OF HARD MONEY LOANS

July 17, 2017 | by: wilburncm 

Who Should Use a Hard Money Loan? 

Because of various reasons, hard money loans are the primary choice for real estate investors. Fast funding needs are the primary reason to use a hard money lender. It has been seen in many situations hard money loans can be funded within a week. In certain situations the application and underwriting process may only require one or two business days with your loan funded in a week, instead of 30 – 45 days. 

Hard money loans are a good choice for borrowers when they have been rejected by the banks for a conventional loan. We all know life does not always go as we plan, so short sales, foreclosures, credit issues, etc. can happen in life at the most unpredictable times. In this type of situation, hard money lenders are the most beneficial, as banks have strict underwriting guidelines increasing the chance of rejection. 

A hard money mortgage is also the right option for short term loans, like bridge loans, construction loans, fix & flip loans and other ventures, where the developer is planning to resell or refinance the property shortly after acquiring and renovating it. 

Who should not use a Hard Money Loan? 

Not ready to pay a high interest rate: If you are someone who is not comfortable paying an interest rate that’s higher in comparison to a traditional bank, then you should not choose a hard money loan. In a hard money loan scenario, it is common to see interest rates between 12 – 20%. In hard money lending, the lenders approve the loan by accepting a high risk. Lenders need to ensure themselves that the borrower has an incentive to pay the loan back quickly. 

Looking for a low origination fee: If you choose a hard money loan option, you must be ready to pay the high origination fee. It is not uncommon for a hard money lender to charge as much as five times the amount of a traditional bank. 

Forget about long term: In the case of hard money loans, 15 year or 30 year mortgage options are not an option. Hard money loans are short term loans, and interest will increase if not paid within the terms of the loan. 

Fear of losing the property: The physical property is the guarantor of the loan, so if the borrower fails to pay back the loan within the given terms then the borrower must be ready to lose the property.

For addtional information contact WELLSPRING MORTGAGE AND INVESTMENTS, LLC 

Crystal Wilburn, Broker 
Wellspring Mortgage and Investments, LLC 
391 Las Colinas Blvd E, Suite 130 Box 503 Irving TX 75039 
Office: 214-702-5210 Direct: 214-336-9868 Fax: 1-469-253-5985 
Email: cwilburn@wellspringmortgage.com 
URL: www.wellspringmortgage.com 
NMLS: Broker #257619 Company #1278395