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Hard Money Loan Michigan
CambridgeHomeLoan.com is #1 hard money loan lender in Michigan. We have gained our reputation as the fastest hard money loan lender in multifamily loans and bridge lending because we know how critical each day is in the competitive Michigan real estate market.
Hard Money Loans Michigan
Commercial Real Estate Hard Money Loan. Great Rates! Fast Close!!
Hard Money Loan Application
Hard Money Loan Michigan
We provide a Fast Close for Investment Properties and Commercial Real Estate. Fix and Flip, Fix to Rent, Multifamily, Commercial real estate. We have Purchase, Refinance and Cash out Refinance programs available. Hard money Loan programs can finance up to 90% of the acquisition on fix To flip/Fix to rent and 85 – 100% LTC of commercial real estate and multifamily acquisition. We provide 100% of the construction costs. For all of your hard money needs, contact us today!
What Is A Hard Money Loan?
A hard money loan is a loan from a private or non-traditional lender. The asset being purchased is used as the collateral for the loan, reducing risk for both the borrower and lender.
- Alternate definition: A loan that bridges the gap between an investment purchase and long-term financing
- Alternate name: short-term bridge loan
Hard money loans are used for quick turnarounds between the purchase and sale of a property. They can also be used for quick home financing until the buyer secures a traditional loan.
These loans are generally used in the real estate industry. Some investors buy homes in need of repairs, fix them up, and then sell them for a profit. This is known as flipping and can be hard to get financing for.
Other real estate investors might use hard money loans for commercial or rental properties if they can’t find conventional financing.
How Does A Hard Money Loan Work in Michigan?
A hard money loan is a way for you to borrow money for real estate without using traditional mortgage lenders. Instead, the funds come from individuals or investors who lend money based primarily on the property you’re using as collateral.
Traditional mortgage loans require proof that you can comfortably repay the debt. Lenders often review your credit scores and any income available to evaluate your creditworthiness. If you have plenty of income, savings, or can get another collateralized loan you might not need to worry.
However, the process becomes more challenging if you have a low credit score, an income source that is difficult to verify to your lender’s satisfaction, or a high debt-to-income ratio.
Hard money loans are generally short-term loans, lasting from 1,2 or three years. You use them as a quick way to get money for a purchase. However, you wouldn’t want to keep one of these loans for an extended period because interest rates for hard money are typically relatively high.
Benefits of Hard Money Loan in Michigan
Hard Money Loans Are Approved And Funded Quickly
Real estate investors who haven’t previously used hard money will be amazed at how quickly hard money loans are funded compared to banks. Hard money loans can be funded with 3-5 days if needed. Compare that with 30+ days it takes for a bank to fund. This speedy funding has saved numerous real estate investors who have been in escrow only to have their original lender pull out or simply not deliver. This is a perfect situation for a hard money lender to step in, provide financing quickly and save the deal.
Hard Money Loans Have Few Requirements
Banks also have a list of issues that will raise a red flag and prevent them from even considering lending to a borrower such as recent foreclosures, short sales, loan modifications, and bankruptcies. Bad credit is another factor that will prevent a bank from lending to a borrower. Most banks will not lend to a borrower who already has 4 mortgages even if the borrower’s credit is perfect with no other issues.
Hard Money Loans Provide Funding For Projects That Cannot Be Financed Elsewhere
Hard money lenders provide many loans that conventional lenders such as banks have no interest in financing. A good example of this is a fix and flip loan. These projects involve a real estate investor purchasing a property with a short term loan so that the investor can quickly make the needed repairs and updates and then sell the property. In most cases, the real estate investor only needs a 12 month loan. A 12 month term doesn’t work with a bank’s business model. Banks want to lend money for the long term and are happy to make a small amount of interest over a long period of time.
Michigan is a state in the Great Lakes region of the upper Midwestern United States. Its name derives from a gallicized variant of the original Ojibwe word ᒥᓯᑲᒥ (mishigami), meaning ‘large water’ or ‘large lake’. With a population of nearly 10.1 million and a total area of nearly 97,000 sq mi (250,000 km2), Michigan is the 10th-largest state by population, the 11th-largest by area, and the largest by area east of the Mississippi River. Its capital is Lansing, and its largest city is Detroit. Metro Detroit is among the nation’s most populous and largest metropolitan economies.
One of the best places to invest in Flip houses and commercial real estate
Not just Michigan Hard Money Loans, we are offering following loans as well:
Loans Custom Built for Real Estate Investors
The nations #1 Lender for Fix and Flip and Fix To Rent Investment Loans
Fix & Flip Loans 90% LTC and up to 100% of fix up costs.
CambridgeHomeLoan.com takes an active part in helping our customers achieve their long term goals. Fast closings and refinancing into better rates when it matters. Feel free to contact us with your loan scenario at 800-826-5077.
Fix and Flip or Fix To Rent Loans can be closed in just 5-7 days. If you would like to prepare for your first deal contact us for a soft quote and our due diligence check list. From your first investment real estate loan to putting together a portfolio loan for all of your investment properties, CambridgeHomeLoan.com is the resource that can help you from the very beginning of your investment career.
CambridgeHomeLoan.com can manage all of your real estate loans from ground up construction, spec houses to fix and flip and fix to rent home loans. When you want to get your price and close in just a few days to easy rehab draws that can help you get your project done on time and in budget. Give us a call today with your project outline and we can give you the possibilities.
Why to Live in Michigan? Simply put, Michigan is gorgeous. From the Great Lakes to its 103 state park and recreation areas, Michigan is an oasis of natural beauty. Further, Michigan contains some of the most stunning natural destinations globally, including the Sleeping Bear Dunes and the Pictured Rocks National Lakeshore in the UP.
Hard Money Loan Michigan
We are serving all of Michigan cities including Detroit, Grand Rapids city, Warren city, Sterling Heights, Ann Arbor city, Lansing city, Dearborn, Clinton charter township, Canton, Livonia, Macomb, Troy city, Westland, Farmington Hills, Flint city, Shelby, Southfield city, Wyoming, Rochester Hills, Kalamazoo city, Waterford, Novi city, West Bloomfield, Taylor, Dearborn Heights, Pontiac, St. Clair Shores, Royal Oak city, Ypsilanti, Kentwood, Georgetown, Battle Creek, Redford, Portage city, East Lansing, Roseville, Chesterfield, Bloomfield charter township, Saginaw city, Meridian, Commerce, Midland city, Saginaw, Lincoln Park, Grand Blanc, Pittsfield, Muskegon city, Holland charter township, Orion, Independence, Holland city, Eastpointe, Plainfield charter township, Brownstown, Delta, Bay City, Bedford township, Northville, Flint, Jackson, White Lake, Van Buren, Southgate, Burton, Oak Park, Port Huron city, Gaines charter township, Allen Park, Madison Heights, Hamtramck, Washington township, Plymouth, Delhi, Garden City, Byron, Allendale, Inkster, Blackman, Romulus, Walker city, Wyandotte, Norton Shores, Auburn Hills, Harrison, Oshtemo, Lyon, Summit, Kalamazoo, Oxford, Birmingham, Mount Pleasant, Frenchtown, Hamburg, Genoa, Ypsilanti city, Adrian city, Marquette city, Genesee, Monroe city, Davison and all of Michigan.
Not just Michigan, we are serving nationwide:
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Expert Mortgage and Investment Real Estate Advice
Cash Grants for First Time Home Buyers When was the last time somebody credible offered you thousands of dollars in free money? For most of