Basics: General Use

Use a hard money loan to:

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Purchase real estate - with a sufficient down payment (25% or more), you can secure a new 1st mortgage with a hard money loan
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Refinance a loan - to obtain cash from equity, pay off a balloon mortgage, refinance a delinquent loan to prevent a foreclosure, pay off a Chapter 13 bankruptcy, and others. You need at least 25% or more residual equity left in the property after the new loan, including points and fees, to qualify
»
Add a 2nd or 3rd mortgage - hard money loans can be used as subordinate financing to existing 1st mortgages for cash out for debt consolidation, remodeling, repairs, business loans, investments, or for any other reason
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Secure a bridge loan to purchase new real estate before selling your current property
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To complete construction or rehabilitation on residential or commercial property
 
Note: The amount of required equity for hard money loans varies by
property type and investor.

What is Hard Money?
History
General Use
Credit
Qualifying
Typical Loan Scenarios
Considerations
Rates, Terms, Points & Fees
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