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Private Money Loans

A private money/hard money loan is a specific type of asset-based loan financing in which a borrower receives funds secured by the value of a parcel of real estate. Hard money loans are typically issued at much higher interest rates than conventional commercial or residential property loans and are almost never issued by a commercial bank or other deposit institution. Hard money is similar to a bridge loan which usually has similar criteria for lending as well as cost to the borrowers. The primary difference is that a bridge loan often refers to a commercial property or investment property that may be in transition and does not yet qualify for traditional financing, whereas hard money often refers to not only an asset-based loan with a high interest rate, but possibly a distressed financial situation, such as arrears on the existing mortgage, or where bankruptcy and foreclosure proceedings are occurring.

Many hard money mortgages are made by private investors, generally in their local areas. Usually the credit score of the borrower is not important, as the loan is secured by the value of the collateral property. Typically, the maximum loan to value ratio is 65-70%. That is, if the property is worth $100,000, the lender would advance $65,000-70,000 against it. This low LTV provides added security for the lender, in case the borrower does not pay and they have to foreclose on the property.


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FAQ

All the answers to your questions.

  • Why is Re Funding Source so popular?

    As Mortgage Brokers, we have built our reputation on providing our clients with exceptional customer service, reliable information, and seamless transactions. Our focus is always on the needs of our clients, which is why we take the time to understand your unique situation and help you choose the mortgage product that is right for you. 


    We understand that every client's financial situation is different, and that is why we offer a variety of mortgage options to suit your needs.


    At Re Funding Source, we pride ourselves on our professionalism and expertise. Our Mortgage Brokers have years of experience in the industry and stay up-to-date on the latest trends and regulations in the mortgage market. 


    We are committed to providing you with the best possible mortgage solutions and we work tirelessly to ensure that your homebuying or refinancing experience is a success. So why trust anyone else with your mortgage needs? Let our team of Mortgage Brokers at Re Funding Source guide you through the process and help you achieve your homeownership dreams.

  • What types of mortgage products do you offer?

    At Re Funding Source, we offer a wide range of mortgage products to suit your unique needs. 


    Our offerings include fixed-rate mortgages, adjustable-rate mortgages, jumbo loans, FHA loans, VA loans, and more. We work with you to find the product that best fits your financial situation and homeownership goals.

  • What sets Re Funding Source apart from other mortgage brokers?

    At Re Funding Source, we pride ourselves on our personalized approach and attention to detail. We prioritize your time and make sure that every detail is taken care of, so you don't have to worry about any delays during your closing. 


    Our Mortgage Brokers have years of experience in the industry and stay up-to-date on the latest trends and regulations in the mortgage market. We are committed to providing you with the best possible mortgage solutions and we work tirelessly to ensure that your homebuying or refinancing experience is a success.

  • Can I still apply for a mortgage if I have a less-than-perfect credit score?

    Yes! We understand that every client's financial situation is unique.


     We work with clients who have all types of credit scores and financial backgrounds, and we can help you explore all of your mortgage options. 


    Our Mortgage Brokers will work with you to find the best mortgage product that fits your unique needs and financial situation. 


    We believe that homeownership should be accessible to everyone, and we are committed to helping you achieve your homeownership dreams.