Hard Money Blog: Invest, Revitalize, Create, Prosper

How to Buy an Investment Property at a Foreclosure Auction without Getting Burned

April 30, 2020 by Kyle Sennott Leave a Comment

If you are a real estate investor looking for distressed properties, one of the logical places to start is a foreclosure auction. Gone are the days when buying at foreclosure meant freezing your butt at the courthouses’ footsteps. Now you can shop for foreclosed properties from outlets such as Auction.home and Hubzu.com wearing nothing but PJ’s. However, many new rehabbers are apprehensive about buying at an auction and for good reason. If you are planning to buy an investment property at a foreclosure auction, you need to understand how this process is different from shopping on the regular market. Not knowing these differences may throw your entire real estate investment strategy out of the window.

How much do you have to put down on a hard money loan?

April 27, 2020 by Kyle Sennott Leave a Comment

Down payment on hard money loan — While the exact down payment on a hard money loan varies from lender to lender, the majority of lenders require some cash contribution from their borrowers as a way to mitigate their risk and eliminate those who are likely to default.

The majority of hard money lenders do require some down payment. How much you need to put down on a hard money loan depends on three factors:

1. The price of a property you are purchasing.

2. The costs of the renovations you are planning to do.

3. The underwriting requirements of a hard money lender you
are working with.

Do Hard Money Lenders Check Credit?

April 23, 2020 by Kyle Sennott Leave a Comment

If you are a real estate investor looking to finance your next property using a hard money loan, you are likely to have some questions. You probably know that hard money lenders work differently from traditional lenders in many key areas. But how do they look at credit? Can you qualify for a hard money loan if you’ve had some lates in the past? Alternatively, would your application be considered more favorably if you have a high credit score?

An update regarding Coronavirus (COVID-19) from New Funding Resources

March 19, 2020 by Kyle Sennott Leave a Comment

As our country navigates this health crisis, New Funding Resources is operating normally and is implementing measures to prevent any potential disruption to you, our valued clients. We continue to service our loans and monitor construction projects as normal.

What is the average interest rate on a hard money loan?

March 5, 2020 by Kyle Sennott Leave a Comment

The average interest rates on a hard money loan vary from private lender to private lender but generally are between 9% and 14% annually. If it sounds high for you, keep one important thing in mind: hard money lenders fund the type of loans that conventional lenders (such as your bank or credit union) will not touch with a ten-foot pole, no matter how much you are willing to pay them. The truth is that the average interest rate on a hard money loan reflects the high risk that a private lender takes by financing the transaction.

DMV Real Estate Market. Presidential Election. 2020: What the Future Holds.

January 20, 2020 by Kyle Sennott Leave a Comment

As I write this blog, a new year has started. January is the time to reflect on the past and what we accomplished during the last twelve months. It’s also the time to start planning for the future. 2020 is bound to be an eventful year. A lot of things are up in the air. Congress is impeaching the President. We’re in trade wars with China and others. The Presidential election is upon us and, whatever side you’re on, you must agree that it’s not going to be a smooth and orderly process. We can’t predict the future, but based on my recent conversations with our clients, many are looking at 2020 with an increased sense of trepidation. They are worried about the impact of the upcoming Presidential Elections on the economy and the real estate market in particular.

Hard Money Blog: Invest, Revitalize, Create, Prosper

Quick Links

Sign Up For Our Newsletter

Contact Information