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» Choose the Right Loan
Posted on 11/3/2004
If you are occupying the house you want a mortgage/loan for, you need a conventional (bank) or non-conforming (beyond-the-bank)loan. Look for owner-occupied residential mortgage lenders.
If the residence or building is for investment purposes, you need a commercial loan - either a conventional (bank) commercial loan or a hard money loan. Look for direct commercial hard money lenders for the best rates on a bridge loan (1-3 yrs)
If you have land without buildings on it yet, you need a hard money loan from a direct lender who funds land - look for this in the lending criteria of the hard money lenders you review.
If you need more than 65% of the purchase price of a property because you are going to rehab it, look for direct rehab lenders. Hard money lenders will lend up to 65% LTV. If you qualify, rehab lenders can lend up to about 70% of the after-fix-up appraisal of the property. This will give you enough to buy the property, fix it and sell it, if you can move quickly.
Posted in Miscellaneous
If the residence or building is for investment purposes, you need a commercial loan - either a conventional (bank) commercial loan or a hard money loan. Look for direct commercial hard money lenders for the best rates on a bridge loan (1-3 yrs)
If you have land without buildings on it yet, you need a hard money loan from a direct lender who funds land - look for this in the lending criteria of the hard money lenders you review.
If you need more than 65% of the purchase price of a property because you are going to rehab it, look for direct rehab lenders. Hard money lenders will lend up to 65% LTV. If you qualify, rehab lenders can lend up to about 70% of the after-fix-up appraisal of the property. This will give you enough to buy the property, fix it and sell it, if you can move quickly.
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