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A new construction hard money loan is a short-term loan used to finance the construction of real estate investment property. Like other hard money loans for construction or renovations, a portion funds are distributed at closing to finance lot acquisition, and the rest are held in escrow.
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Hard-money lenders do not rely on the creditworthiness of the borrower. If you lived in a single-family home and wanted to do major construction, I am sure that you would get at least two, if not.
Hard money loans make the most sense for short term loans. Fix-and-flip investors are a good example of hard money users: they own a property just long enough to increase the value – they don’t live there forever. They’ll sell the property and repay the loan, often within a year or so.
Our hard money residential rehab loans with same-day pre-qualification can help you compete with the big fish! Cash-Out Refinance. Our cash-out refinance loans are suitable for those looking to purchase commercial and/or residential properties. Traditional lenders tend to have strict loan parameters that lock out many would-be buyers.
Hard Money Man LLC is a New jersey based private money lender. With over 20 years experience in being hard money lenders and private money lenders, we have closed and funded over 7,500 loans totaling over 1.2 billion in transactions.
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New construction loans through traditional banks can take time to be approved and there’s often a mountain of paperwork to go through. hard money construction loans are a viable alternative that let you renovate an existing structure or build a home from the ground up. Much more than your average fix-and-flip loan, new construction loans give.
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