A hard money loan is a short-term asset-based loan funded by private individuals or other financing through a broker where the loan is secured by real property and is used for business purposes.

The loan evaluated based on subject property value, which also considers the borrower’s cash put into acquiring the property. Hard money loans have a higher interest rate and fees compared to conventional financing. But they can be underwritten and funded much faster than conventional financing. Therefore, are the favored method to acquire real estate by professionals in the industry.

Real estate investors are purchasing multiple properties and have a constant influx of deals. Using a traditional mortgage broker or bank to fund them is virtually impossible. Usually, the properties are distressed and a bank would not lend on the property due to its condition. Additionally, banks can take 45-60 or more days to fund. Very few borrowers and sellers have the tolerance for that timeline.

Hard money lenders protect themselves and their investors by making sure the subject property has enough equity in the property. Hard money loans usually are funded at about 60% – 70% of the subject properties market value. Market value is calculated using current sold comps from the neighborhood and/or what the AVR or after repair value of the property is.

At Murk Investments Corp., we provide business purpose loans secured by real property. We have the most competitive rates in the San Diego area, with no junk fees. We collaborate with you to find the best solutions. We will let you know if a hard money loan is right for your specific financial needs

If you want to learn more about hard money loans or what types of hard loans we offer, call 760-453-0409 or visit our hard money lender contact page. We look forward to speaking with you! Murk Investments Corp. Is based in San Diego.

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