Sentences with phrase «majority of the hard money lenders»
The majority of the hard money lenders will not lend on residential owner occupied properties as recent government regulations (Dodd - Frank) have made the process much more difficult for both the borrower and lender.
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The vast majority of my customers who have used hard money loans get away from them, because virtually all of the profit in the deal is mitigated with interest and fees from hard money lenders.
Loans for these types of residential properties can be financed by a hard money lender under certain circumstances; however, regulatory agencies specify that hard money and private capital lenders can not underwrite or finance loans against a residential property if the majority of the funds will be used for «personal, family, or household purposes» rather than business purposes.
As with any industry, there are a few predatory practitioners, but the vast majority of hard money and private capital lenders are reputable lenders who want to help borrowers, not take advantage of them.