When you get in a bind, a hard money loan can be a saviour. We write Canadian hard money loans and here is an overview of these borrowing solutions.
Hard money loans are often a bit misunderstood because the term means something different to everyone. One understanding is simple: the conversion of equity in your home into cold, hard cash. While many borrowers mistakenly call this a hard money loan, it is really a cash out loan and comes in the form or a traditional refinance or home equity line of credit. A true hard money loan is an entirely different beast.
Canada hard money loans are made to homeowners who have run into a tough situation, need money now and can’t or do not want to deal with traditional lenders. Examples of situations where hard money loans can be used include holding off foreclosure, getting short-term financing to complete a real estate deal and just about anything. The point is traditional financing is not going to get the job done and you need money now. Hard money loans are the answer.
Finding a hard moneylender can be a challenge for most borrowers. Simply put, most traditional lenders do not offer this type of financing. Call any of the lenders you see in advertisements or hear on the radio and you will come up empty. The reason for this is such loans are considered riskier than traditional real estate financing. With these types of loans, you are often dealing with a pool of private investors who are offering private money financing. If you are searching for private financing, we are one of the few brokers that have access to this type of financing.
At Home n Work Mortgages, we have a bevy of solutions for people searching for Canada hard money loans. Although finding lenders for such loans can be difficult, we have already done the grunt work through our years of experience. In many situations, we will underwrite the loans ourselves, which makes life a lot easier for you.
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Rebecca joins the team with over 20 years of business, investment and real estate experience. A true advocate for the consumer, Rebecca brings you unparalleled integrity with unbiased advice. Phone anytime and discover for yourself just how easy and enjoyable the mortgage process can be.
Serving Vancouver Lower Mainland
& Fraser Valley B.C.
Direct 604.614.2382
Fax 604.463.7886
rebeccaawram@homenwork.com
www.communitylendingcentre.com
Head Office:
#200 - 5050 Kingsway
Burnaby, B.C.
V5H 4C2
