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From hard money second mortgage, you can’t use these loans to pay off your debt like purchase vehicles for personal use, send children to college, etc. final thoughts If you would like to see how easy it is to apply for a hard money second mortgage, please give us a call. 3CALoan is the company to call for loans in Southern California.
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.
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You’ll need 35% or more net equity in the subject property AFTER the new loan is made to qualify for a second mortgage with hard money financing. Example: $1,000,000 home value $500,000 current 1st loan $150,000 new hard money 2nd loan $650,000 loans / $1,000,000 value = 65% combined loan amounts = 35% net equity . Call today for a no-obligation quote.
HLW reported that private money lending activity was up significantly this year. Many people in high cost areas have considered hard money 2nd mortgages, but do they have enough equity to qualify? Talk to 2nd mortgage lenders that understand the requirements and guidelines for all types of subordinate lending.
The usual Loan-To-Value (LTV) ratio on hard money mortgage is between 50-60% tops! This means that if you have real estate with a Fair-Market-Value of $200,000; you can borrow somewhere between $100,000 and $120,000 against the real estate as a first mortgage, or a second mortgage. Hard money mortgage rates, are always high:
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2nd mortgage hard money lenders (private money lenders) are able to provide 2nd loans to property owners who currently have sufficient equity in their property. In these types of situations, the property owner typically has a low-interest 1st mortgage they want to keep long term but need for an additional short-term loan.
Hard money loans are typically issued by private investors or companies. Interest rates are typically higher than conventional commercial or residential property loans because of the higher risk taken by the lender. Most hard money loans are used for projects lasting from a few months to a few years.