Interest Rate Of Hard Money Loan

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Interest rates of hard money
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Interest issue

• You must be known that hard money is a collateral
  based loan. Anyone can obtain this loan if he has
  property which he can use as collateral. Many
  people have concern about hard money rates. It is
  very important to know about hard money interest
  to all. Hard money interest rates are changing
  depending on many factors. Interest rates are
  effects on property location, property condition,
  credit score and the timing of loan.

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Property location

• Hard money loan is a property based loan.
  Property value is playing the main role to
  approving a hard money loan. It is also important
  to show that where your property is situated.
  Property location is playing a big role to
  increase or decrease your interest rate. If your
  property is in bad or remote areas then in this
  case you will need to pay extra 1 to 6
  interest. Your interest rates range will be at
  11 to 13 if your property location is in
  average location. Most of the borrowers have the
  property which is in average location. If your
  property location is in good location then your
  interest rate may decrease. You may need to pay
  up to 9 to 12. It is happening for residential
  and commercial loan. But it is different for land
  loan. You will need to pay 11 to 13 if your
  property is in great location. And average
  location property borrowers 12 to 15 for land
  loan. And 13 to 16 interest need to pay for bad
  or remote location property borrowers. Everyone
  should know about the up and down of interest
  while it is case for property location. Thus you
  may get loan easier than others.

4
Property condition

• Property condition is also important for hard
  money loan. If your property is in good condition
  then you may get discount on your interest figure
  0.5 to 1 for residential, commercial and land
  loan also. Average condition property borrowers
  can feel free to apply for any type of hard money
  loan because there is no affect for the loan
  which has average condition of property. If you
  are applying for land loan then you do not need
  to worry about the bad condition of your property
  because bad condition is not affecting on your
  interest rate if you want to take land loan. But
  you need to pay extra 1 to 3 extra interest if
  you want to get residential and commercial loan.

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Credit score

• Although hard money loan is not depending on
  borrowers credit score but hard money interest
  rate is depending on borrowers credit score.
  There are many people who have not sufficient
  credit score. Most of the people can not cross
  the 500 credit limit also. In this case, banks
  cannot provide you loan but hard money lender can
  lend you money with insufficient credit score.
  But you need to spend more extra interest rate to
  get loan from hard money lenders with
  insufficient credit score. You can get 0.5 to 1
  discount on your interest figure for residential
  and commercial loan. Land loans borrowers can
  not get this benefit. On the other hand you need
  to pay extra 1 to 3 if you have bad or no
  credit score for residential, commercial and land
  loan. If you have not any credit score then you
  also can get loan but you have to pay extra
  interest rates.

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If you want to know more and deeply about hard
money loan then http//en.wikipedia.org/wiki/Hard_
money_loan can help you mostly. If you know more
about this then you can search about it
through Google. There are many websites which are
related with hard money loan and lender. You can
find Lending Universe Inc. as a hard money loan
related websites from where you can know more and
deep information about hard money loan. From
here, you also can apply for a hard money loan.
Here is a short and simple loan application form
which can be filling up within 2/3 minutes. Here
are more than 10000 verified hard money lenders
to lend you money within 7 business days also
when banks need more than 1 month to approving
any loan. Here are also many registered
appraisers to evaluate your property accurately.
Here you also can find out many registered loan
brokers and real estate agents. Any body can
apply for a loan from any where in the world and
it does not matter where form he is.