The definition of “residential hard money” when referred to in real estate financing, is essentially a non-bankable loan on an investment single family home (or duplex). The name residential hard money is frequently interchanged with “no-doc”, private loans, bridge loans, etc… For a residential hard money loan, the underwriting decisions are based on the borrower’s hard assets. In this case the residential investment real estate would be used as collateral (via a first mortgage) for the transaction. Residential Hard money closes quickly (in as few as 3 or 4 days depending on the circumstances).
Fairview Lending is the recognized residential hard money lender (Bridge Lender/ No Doc Lender / Private lender / Non Bank Lender) with an . Fairview is radically different from a bank (see table below) and also very different than other private lenders. and therefore have the flexibility to provide loans that make sense for the borrower. We have no upfront fees and can provide loans as long as 10 years (or longer depending on the circumstance) which provides the borrower with the flexibility they need to maximize their opportunity on a residential property.
How is Residential Hard Money different from a bank loan?
The following table summarizes the key differences in loan characteristics between a conventional bank loan and a residential hard money loan from Fairview Commercial Lending.
A residential hard money loan is a good alternative to traditional bank financing. This alternative financing is beneficial to the borrower in many circumstances. Below are just a few of the reasons when a residential hard money loan might be appropriate.
An Upfront Mortgage Lender (UML) is an Internet lender that meets the requirements set forth by the mortgage industry watchdog site Mortgage Professor. The list of these lenders was compiled to address the lack of a registry or industry standards for those lenders that could be considered trustworthy, and those that could be considered...
A 13-year Landlord's Quick-Start Guide to Valuing Investment Properties, Picking Tenants, Negotiating with Lenders and Handling Other Important Hurdles
eBooks (Mamre Press)