Hard Money Residential Mortgage Loans

Hard money residential mortgage loans are a type of loan that is typically used by real estate investors or individuals who are unable to obtain traditional financing. These loans are usually issued by private investors or companies and are secured by the property being purchased. While hard money loans can be more expensive than traditional mortgages, they can provide a faster and more flexible financing option.

Qualifications for a Hard Money Residential Mortgage Loan

Qualifying for a hard money residential mortgage loan is different than qualifying for a traditional mortgage. While traditional mortgages focus on the borrower’s creditworthiness and ability to repay the loan, hard money lenders primarily focus on the value of the property being purchased. Here are some of the qualifications you may need to meet:

• Collateral (the property being purchased)
• Equity (you may need to have some equity in the property)
• Proof of income (some lenders may require proof of income to ensure you can repay the loan)
• Ability to repay (the lender will want to see that you have a plan to repay the loan)

Documentation Required for a Hard Money Residential Mortgage Loan

To apply for a hard money residential mortgage loan, you’ll need to provide several documents to the lender. Here are some of the documents you may need to provide:

• Personal information (name, address, Social Security number, etc.)
• Proof of income (bank statements, tax returns, etc.)
• Asset documentation (bank statements, investment account statements, retirement account statements)
• Property documentation (purchase agreement, property appraisal)
• Employment documentation (letter from employer, proof of self-employment income)
• Credit history information (credit score, past bankruptcies, foreclosures)

Benefits of Hard Money Residential Mortgage Loans

While hard money loans can be more expensive than traditional mortgages, they can provide several benefits:

• Faster financing (the approval process can be much quicker than traditional mortgages)
• Flexible terms (hard money loans can have more flexible terms than traditional mortgages)
• Ability to purchase distressed properties (hard money loans can be used to purchase properties that may not qualify for traditional financing)

Apply for a Hard Money Residential Mortgage Loan with Bridgeview Mortgage

If you’re interested in obtaining a hard money residential mortgage loan, Bridgeview Mortgage can help. Our team of experienced mortgage professionals can guide you through the process of obtaining a hard money loan and help you secure the financing you need. Contact us today to learn more and get started on your loan application.