Exit Strategy on Hard Money Loans
Every Hard Money Lender will want a detailed letter of explanation on an exit strategy where they will either pay off the hard money loan by selling the property or by refinancing their property into a traditional lower interest traditional investment loan or commercial loan.
The exit strategy will be one of the most important factors that will be considered in the private money mortgage approval process. Hard Money Capital Group’s Director of Underwriting will need to really feel comfortable that the hard money borrower has a planned exit strategy.
Real Estate Developers Flipping Property
Many of our hard money borrowers are real estate developers who purchase a property such as a foreclose that cannot be financed due to needing repairs. No bank or traditional mortgage lender will finance it. The come to Hard Money Capital Group for a hard money loan to do the acquisition and construction on the property. Once the property has been rehabbed, they sell the property for a profit and pay off the hard money loan.
Real Estate Investors Needing Bridge Loan
Some of our hard money borrowers are real estate investors and home buyers who need our services at Hard Money Capital Group due to not being able to get a traditional bank loan or loan from another mortgage lender due to the property not being lendable due to needing rehab or due to the borrowers’s not being able to qualify for a traditional loan due to poor credit, lack of income documentation, or other reasons. These class of borrowers can come to Hard Money Captial Group for short term financing or a bridge loan until they can either can the property financeable or get their credit or income documentation in order and refinance it to a traditional lower interest rate property loan.
Refinance with Hard Money Capital Group
At Hard Money Capital Group, our team of professionals are not just Hard Money Lenders but are also end lenders as well. We have both residential and commercial loan officers who specialize in exit strategies and can refinance your hard money loan to a traditional end loan. If you are a hard money borrower who are using hard money because you do not qualify for a traditional residential or commercial loan as a bridge loan so you can repair your credit and declare enough income so you qualify for a traditional loan, we can help you achieve that goal. At Hard Money Capital Group, we are a one stop lending shop.
Borrowers with prior bankruptcy and foreclosure
At Hard Money Capital Group, we have no waiting period requirements after bankruptcy, foreclosure, deed in lieu of foreclosure, or short sale. For home buyers, you can use hard money loan to purchase a home after bankruptcy or foreclosure with no waiting period requirements and refinance it to a conventional loan after your have met the mandatory waiting period requirements. While waiting for the mandatory waiting period after bankruptcy and foreclose, we will help you re-establish your credit to maximize your credit profile so you will qualify for the best rate and term end loan. We will help you get your end loan.
Gustan Cho Associates
Gustan Cho of Gustan Cho Associates is associated with Hard Money Capital Group and is the end ender for our Hard Money Loan Programs. Contact Vince Liguori, President of Gustan Cho Associates at 847-561-0217 or visit Gustan Cho Associates at www.gustancho.com.