If you own a property and have a significant amount of equity in the property, there are private money lenders out there that have cash on hand, and want to lend out money. These lenders have been tightly regulated over the past few years, however, the interest rates are still significantly higher, and these lenders are much more proficient at foreclosing on your property if any payments are missed.
Occasionally, there may be a rare opportunity when I would recommend one of these Hard Money loans (Also called Bridge, Gap, or Swing loans), but for the most part I would not recommend this type of loan. One of the rare situations would be, if you find the perfect property at an unbelievable price, and the seller has only given you about a week to get the money together to buy the property. How often has this situation come up in your life? If you said, "Never." don't worry, I haven't ever come across it either... and I'm in the industry.
The reality is, these loans are far too expensive unless you have money to burn. I highly recommend skipping this option, and if you need to sell a property to buy another one, give me a call, I have ways of protecting you from being "kicked out" of your home during the whole process of selling your home and buying a new home.
No matter where you are in the U.S. I have GREAT contacts ALL over the country! Give me a call/text, I can definitely help!
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