Taking Hard Money & Bridge Loans In Order To Stop Foreclosure On Any Commercial Or Residential Property

Hard money loans can easily forestall a foreclosure. Such loans are typically the specialty that brings out the best as well as the worst in non-conforming (often known as hard money) lenders. If you are going through foreclosure on any property - either one that you own or one that you aspire to purchase before it hits or is currently in foreclosure hard money lenders may be your only resource for sufficient cash in a suitable manner. If you have sufficient equity in the property which will allow for payments to be escrowed for at least a period of 6 months most hard money loan companies will consider funding your loan. The property must be in a desirable location that has a marketing time of 12 months or less. Hard money lenders do not like to put themselves in an exact position your last lender was in.

Hard money lenders, such as Mager Capital, can fund a real estate purchase or re-finance loan in two weeks - or sometimes even less - from the time most of your documentation is in their hands. Be sure to have all your documentation ready for your broker or lender. Use the following list as a guideline:

Written real estate appraisal with photos

Purchase agreement if you are purchasing the property

Personal financial statement

Income statement for the borrower

2 years P&L for the property if it is income generating

2 yrs Tax returns for the borrower

Statement of use of funds

Proof of where the balance of funding will come from (such as a bank statement documenting the funds available) if you are buying the particular property

Being prepared with a complete package will speed your funding.

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