Hard Money Rehab Lenders
The Hard money rehab loan is considered as a niche product, which is provided by the selected group of hard money lenders in and there are many types of rehab loans. The hard money lenders help the borrower a lot in doing all the formalities for acquiring the loan. They are highly skilled entrepreneurs design the planning from starting till finish and they manage it personally all the processes.
The Hard money rehab lenders carry the following formalities as follows:
- Creation of loan package, which includes the credit and asset documents together with the borrower’s income.
- A title report is made by the lender.
- Advises the best program to find out the best hard money rehab loans.
- Determination of the loan service provider in , where the borrower can make their monthly payment.
- Creation of the loan document and the management of loan settlement.
The rehab money loan are based on the purchased price and not based on fixed basis. Rehab lenders always want strong borrowers. There is a directory of rehab lenders in , which are based on the location, keyword etc. from where borrower can get a great help in searching for the private investors.
The cost of hard money loan is higher than bank loans, since these loans are always funded by the private investors. Therefore the interest rates on rehab loans are always higher as great risk is involved in it. A higher rate of return is always expected by the private investors in exchange of the acceptance of risk.