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A construction loan is a short-term loan that provides the funds required to build a residential or commercial property. Construction loans are typically 12 month loans. During this time there will be draws completed to progress the project. Upon completion of the project clients will advise if they are going to extend the loan on the property, refinance into long term debt or sell the property.
A fix and flip loan is a short-term, real estate loan designed to help investors purchase properties, renovate it & sell it at a profit, typically within 6 to 12 months. The majority of fix and flip loans are hard money loans from individuals or private lenders.
Money from a cashout refinance is generally used to renovate the property, work on another project or recover costs already spent. Capitalize on the ever changing real estate market by pulling some cash out of your current project. These loans follow the same terms as other hard money loans.
A hard money loan is a loan secured by real property. Hard money loans are considered short-term bridge loans. Hard money loans are generally used for investment properties, allowing the borrower to get timely financing without the hassle of a conventional loan. Hard money loans can be used for purchases or refinances.
