Who is opting for hard money loans in Georgia?
The situations in which one opts for hard money are an individual having a bad credit score, those people having no credit status, defaulted earlier, no income proofs and the stable income proof is available, need immediate refinance, need of short-term money and who do not have a complete set of required documents.
These people opt for different kinds of hard money loans. Here is a list of loans.
Hard Loans Types:
Types of Hard Money Loans
1) Bridge loans
2) Acquiring a Real Estate Owned properties acquisition
3) Loans on lots and acreage with utilities
4) Fore closure bailout
5) Business Loan
6) Rehab Loan
7) Mezzanine Loans
People who seek hard money loans in the above mentioned categories approach Money lenders or brokers who represent the money lenders. Brokers prepare and submit proper paperwork and in return take a percentage of the loan amount.
It is always better to approach lenders directly and deal personally. This way one may save brokerage money. But if you are not confident of doing the paper work your self then approach a reputed brokerage houses.
In my next post I will try to cover some the hard money loans in detail. I will also try to give some examples under each of these hard money loans.
