Hard money and bank loans

Money is the great item which is helping us to get anything. Now we can buy our necessary items by money. People are doing many works for getting money. People are doing business to get much money. Business is key factor of success in economical life. To start and doing business there are a huge demand of money. To meets this requirements of money people are depending on banks. Banks are giving loan and this is their business. They are taking loan from banks by submitting many documents which are making so difficulties to getting hard money loan.

Hard money loan can remove these difficulties. There are many different between hard money loans and banks loans. Now I will tell you about the different between hard money loans and bank loans. Here are below.

Hard money loan is a short term loan. It is closing in few months. Hard money loan is closing in 6 to 36 months. And for this reason people can get a chance to try another hard money loan soon.

A bank loan is closing in 12 months to 60 months also. Their monthly payment value is also lower than hard money loan for this long time closing option.

Hard money loan is a property based loan. Hard money lenders are giving loan based on 70% value of the non owned occupied (NOO) property.

Bank is giving loan based on the applicant’s income, property and credit. They cannot give loan without credit information.

Hard money lenders have no rules for credit information. A person who has no credit information he also can get loan from hard money lenders.

But banks cannot give loan without applicant’s credit information. They are strictly requiring credit information to making a hard money loan.

Hard money lenders are able to giving loan within a short time. They are giving loan within 14 days. This is the most effective advantage of using hard money loan.

Banks are taking more than 28 days to making a loan. They are really taking so much time to making a loan. For this disadvantage people are moving from banks to take loan.

Hard money lenders also can give loan with the property which is in bad condition or which value is in poor condition.

But banks cannot give loan such this position. They need a sufficient value of the property which is submitting by applicants for giving loan.

If you want to know more about hard money loan then you can visit www.lendinguniverse.com . It will help you to get more information about hard money loan. You can also meet with many hard money lenders. You can get a hard money loan by the help of this company.