In many banks and some companies or from private investors you can use such a service as hard money loans. You can take hard money loans for any purposes under the pledge of the land, suburban, commercial or residential property. In some cases the property is reissued in the property of the Lender at the time of the pledge, and after repayment of the hard money loan – it backs to the borrower, i.e., to the former owner. And in this case for the entire period of the hard money loan the borrower has the right to use the pledged assets for free.
If we talk about hard money loans it should be said that they can be taken as by physical and legal persons. Banks and private investors (i.e. hard money lenders) give out cash loans secured by existing real estate – apartments, land, commercial and suburban real estate in the case if this property is in full or shared ownership, fully redeemed (when buying property in the credit).
Hard money loans secured by existing housing are issued to individuals and legal persons under the age of 21 years. How to get money as hard money loan? Hard money loans secured by apartments are often greater than the size of a standard consumer credit. To take out a hard money loan you do not need the proof of your income, with this the property can be in full or shared ownership. In some cases some hard money loans can be given secured by share of an apartment. Certain conditions of the hard money loans you should better check from the bank managers or from private investors who provide such service.
In some financial institutions in some countries you can take a hard money loan secured by the apartment of third parties (individuals and businesses). It is also should be mentioned that a hard money loan van be taken by any enterprise of any area of activities (legal persons), who own commercial real estate: houses, buildings, facilities. In this case, the loan amount can be up to 80% of the market value of the property and depends on the amount of business income of the Borrower in the crediting period. The borrower remains the owner of commercial real estate for the entire hard money loan term. In companies, the owner can easily get the hard money loan secured by its land. Amount of the hard money loan may take up to 60% of property market value.