Finance 101: How To Refinance With A Hard Money Loan

Getting a loan with a bad credit is impossible and for those who still have to build their credit history, traditional bank loans are next to impossible. If you are looking for short-term money loans and have a substantial real property as collateral, you might want to consider “hard money loan”.

This loan type basically allows a borrower to get some money from the lender with their property serving as collateral. The interest rate is higher and the loan to value is lower at about 60-70% of the actual value of the property but this would allow one time to pay their obligations, avoid foreclosure or prevent bankruptcy. As this is an expensive option, it is best that one is able to build their credit and pay the loan fast or apply for a traditional loan once one already fixed their credit history.

Refinance with Hard Money Loan

The first step in obtaining “hard money” is to find a reputable and reliable hard money-lender. Do note that these individuals or companies are private lenders but they are legally allowed to lend money. You can contact or gather a list of lenders in your area and choose the one that you think will be able to give you better value and services. Opt for lenders that have their own financial portfolio so that you can access the funds readily. Look also for lenders that can tailor the loans to meet your financial concerns.

Once you locate a lender that you want to negotiate with, the next step would be to have the property assessed. Doing an appraisal would give you the actual value of your real estate property and you will also need the appraisal report when you apply for the loan. Once you obtain the property appraisal report, the next step is to apply for the refinancing by making sure that all required documents are in place. You might also want to include your credit rating score or financial history report, although these are generally not required as lenders will often look at the property’s value; it would help ease the process especially if you have a good rating history but cannot go through the traditional loan procedure for the moment.

After you get your loan, it is important to use the money to fix all your obligations and ensure that you would be able to get a traditional loan mortgage within one or two years. As the loan rates for hard money is typically 10% – 15%, it is important to pay the debt the soonest. Some lenders are flexible and can adjust the loan rate as well as the loan to value ratio so it is important to negotiate this with your lenders.

UK Finance Personal Loan Services

When we talk about UK Finance there are many categories of UK Finance. One among them is the Personal Loan Services. There are many companies and institutions that offer you personal loan services. You have to choose the right type of loan if you want your application for loan to be successful. Selecting wrong type of loan would result in an unsuccessful application and your credit score would come down.

There are different types of personal loans available. Unsecured personal loans, car loans, secured personal loans, debt consolidation loans, and flexible loans. Getting UK finance in the form of the right kind of loan is essential. If you have property and a good credit you can simply go for the unsecured personal loan. Some of the UK finance institutions might require you to be the home owner to get this type of loan even though the loan is not secured against your house. If you have a car you can secure it to get a car loan. You can get secured loan against your house if you have a good credit history. The difference between the secured loan and the unsecured loan in most of the cases it the low rate of interest for the loan amount. UK finance for debt consolidation is also provided by many institutions and finance companies. This is useful to consolidate your debts into a single account so that the amount you pay monthly is easily manageable. There are also flexible loans available from some finance companies if you have been rejected a personal loan for some reason.

Sainsbury’s Bank is one such institution that gives different types of loans at 6.1% APR. You can enjoy this low interest rate if you file your application online through their website. A lot of other benefits are available when you apply online for such UK finance. You can use the personal loans for a new car, home improvement or paying your credit card bills. There is no restriction to the way you use this money. The decision of approval of your loan is got immediately usually within 24 hours. This helps you to plan to further action. One of the benefits offered is that you need not repay your loan for the first 3 months. You loan amount is transferred directly to your bank account upon approval. Facility to get approval over phone is also available. In that case the loan agreement is sent to your through courier and an extra fee is charged for that.

Such loans also have a payment protection scheme in which you can pay a little extra amount every month so that you need not pay the monthly amount at some point of time when you are ill or met with an accident. Incidents like that would put you out of gear and you may find it difficult to repay the loan during such period. The amount you pay extra every month will come to the rescue under such conditions. This scheme is called the payment protection scheme and you can opt for such schemes and get benefited out of it. You can search internet for many such institutions that give personal loan services.

Bathroom Remodeling With Private Money Loans

When remodeling a bathroom, some people want to look beyond the simple, basic things like new tile or new fixtures. While basic elements are obviously essential to a bathroom remodel, there are tons of new options available to homeowners who want to take their bathroom to the next level of comfort and convenience. Obviously, however, these kind of new upgrades require a significant amount of funding, and this fact can be a major obstacle for most people who want to remodel their home. This is why many people who wish to undergo an advanced remodel of their home decide to finance their project with private money loans.

Private money loans, often called hard money or private party loans, are loans that come from private lenders. They are an attractive option for people remodeling their bathroom because these loans are asset based, which means that they are easier to acquire even if you have had credit issues. And since private lenders don’t have to follow the kind of underwriting guidelines that you typically see at banks, the approval process for a hard money loan is much faster.

Consider one of these high end options if you are redoing your bathroom with the assistance of a hard money loan.

Bidets- Though bidets were once the sole province of European and Latin bathrooms, they are making a resurgence in America. The two main problems that most people have when purchasing a bidet with a hard money loan is general design and space. If you are purchasing your bidet separate from your toilet, you might have trouble finding a suitable match at hardware stores. This is why you should also check out what is available online, where there are a lot more options. If you think you don’t have the space for a bidet, you might consider replacing your toilet with a more advanced toilet/bidet combo.

Steam Shower – Steam showers used to be something you only saw at gyms and health spas. But an increasing number of manufacturers have created models that are designed to work in the home bathroom. Steam showers work by filling a specially enclosed space with hot steam, which not only cleanses you but also relaxes your muscles and cleans out your pores. Of course, steam showers also come equipped with a classic shower head. If you are going buy a steam shower with private money loans, make certain to secure a contractor who has experience installing them. The installation can be somewhat complicated, so it is vital that you get someone who really knows what they are doing.

Radiant Floor Heat- One of the most common complaints of bathroom floors is that the tile can be typically very chilly, because it absorbs cold so well. For this reason, many people choose to install radiant floor heat devices underneath their tile with the assistance of hard money loans. They work by actually heating up the floor itself. They also have the advantage of being able to heat up a room without needing to circulate air. The two main styles are electric and water heated, and like the names imply, they are heated by electricity and gas heated water respectively. Talk to a contractor about which style works best for your particular situation.

Spa Bathtub – A relaxing soak in a bathtub is nice, but resting in a spa bathtub is downright luxurious. A spa bathtub consists of jets that combine water and air to massage your muscles and make the bath water more aerated. They can be a good investment of your hard money loans if you happen to have a very large bathroom and want to give it more of a spa like feel.