I just read this great article about hard money in San Francisco.
In case you didn’t know, hard money is money lent out to borrowers who may not meet the qualifications of a traditional lender like a bank. Most often, hard money refers to loans made against real estate property like residential homes, rental units, and commercial land and building development.
If you want to get the skinny on hard money lending in the San Francisco Bay Area, read this post about it.
It goes through everything there is to get your feet wet with respect to hard money and hard money loans (also called private money, by the way). It was written by a guy named Beau Eckstein, who you may have seen on a reality TV show on HGTV called “Flip It to Win It“. It’s a pretty cool show, where teams of two take on one another to see who can flip a house for the most profit.
It’s very entertaining and Beau’s team won the first round. It’s pretty amazing how much money changes hands in these house flips.
Anyway, Beau makes a ton of money flipping houses with other people’s money. You should give his site a read. He’s a real pro.
Phone: (925) 852-8261
Can tighter lending rules worsen the state?
With the onset of 2012, the most important question that is bothering prospective homeowners is how they can beat the mortgage famine this year. Will the tighter lending regulations of the banks and the financial institutions affect the fate of the prospective homeowners? According to the present mortgage market conditions, hundreds of homeowners who are above the age of 50, the self-employed and the first-time home buyers will find it extremely difficult to grab new lines of credit as they need to unlock wealth that they’ve tied up in bricks and mortar and then follow up to get their first home.
While the mortgage giants and the traditional lending institutions plans to ask borrowers to prove their gross monthly income and their ability to repay the mortgage debt, there is a potential risk that the government’s interference may even come up with some unintentional circumstances. Due to the banning of the self-certification mortgage loans and have restricted access to the home mortgage loans that won’t be repaid before the borrower reaches his retirement age, the self-employed people find it difficult to buy a new house. Though the economists find it impossible for the mortgage market to recover from what it’s going through, there are certainly some steps that the borrowers can take in order to grab the best mortgage loan and beat the mortgage famine.
The US Department of Housing and Urban Development (HUD) has provided counseling agencies throughout the nation that help all the struggling homeowners and the prospective homeowners with advice that can help them prevent a foreclosure. Get help from their valuable advice so that you may be able to take out the right mortgage loan for your needs.