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A Private hard money lender is what is considered to be a loan shark. This should be your very last resort in obtaining a loan. It is a very risky entitity to get involved with a loan shark.
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∙ 12y ago
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What is a private loan lender?
A private loan lender is a lender that is acting on behalf of a privately owned organization or business, as opposed to a government regulated or non profit lender.
Is the Hard Money lender the same as a Real Estate Lender?
No, banks can issue real estate loans and mortgages but Hard Money Lenders usually have higher interest rates. Hard Money Lending should always be a last resort given their higher interest rate and lower loan to value rates
Can you consolidate Private student loans into federal student loans?
no. you will have to consolidate separately. with a federal lender then a private lender.
What does a hard money broker do?
A hard money broker is usually a short term money lender. This broker will typically offer loans without the usual credit checks, although these are often at high interest rates.
If a second mortgage is forgiven by the private lender are there tax or income implications?
Yes. And it does not matter that the lender is a private lender. If a debt is forgiven the borrower has in effect received money or something of value without having to pay the money back. Proceeds of a loan are not consider income unless the loan is not paid back. It is like the lender paid you an income or gave you a gift. A loan from a private lender that was secured by a second mortgage and later forgiven can be a sign of mortgage fraud. The 'technique' is sometimes used to obtain a loan from a conventional lender (the 1st mortgage loan) where the 1st loan could not be obtained if the lender's underwriter was told the 2nd was going to be forgiven. Documentation in the public record of a possible fraud. Maybe not that likely to be noticed but no less illegal.
What are the benefits of a private hard money lender?
Private, hard money lenders can be a benefit in that they may be able to provide you a loan if you have credit so low that mainstream lenders won't take a risk on you.
Where can I find a hard money lender in the Seattle area?
This lender will do hard money loans in Seattle: http://www.dlendinggroup.com/
How does a hard money lender make his profits?
A hard money lender provides a short term loan with a high interest rate and fees. Further a hard money lender will only lend if in an equity position.
Where can I find a hard money lender in florida?
You can find hard money lenders nationwide at www.dohardmoney.com.
What is a "Hard Money Lender"?
A hard money lender loans money with real estate as collateral. The rates tend to be higher than a mortgage because the loans are usually made to people in serious financial trouble.
How can one learn more about a lender's credit source?
One can learn more about a lender's credit source from websites such as Buzzle, Private Mortgage Lending and Private Money Lenders UK. One can also learn about it from Private Loan Lender website and Yahoo website.
Can a private mortgage lender get pmi?
Of course. Lenders can set the terms of lending their money out.
How do money and hard money different?
hard money is a term use for private lending
need a hard money lender to fund prime real estate will share prifit half and half.?
Call your rich uncle or other family member. I don't think you'll find a private lender willing to help you. clerify your proposal. I am open minded.
What is a private loan lender?
A private loan lender is a lender that is acting on behalf of a privately owned organization or business, as opposed to a government regulated or non profit lender.
How do you use hard money in a sentence?
The investor gave hard money to the farmers. Hard money is a type of loan given by private contractors.
Is the Hard Money lender the same as a Real Estate Lender?
No, banks can issue real estate loans and mortgages but Hard Money Lenders usually have higher interest rates. Hard Money Lending should always be a last resort given their higher interest rate and lower loan to value rates
