Hard Money Loans


	"The Wright Team" (909) 938-3777 or Office (800) 924-3613 "Your Personal Mortgage Consultant For Life"

	Hard Money and Portfolio Loans
	Specializing in hard to Prove Income, No Credit, Bad Credit, Portfoilio Lenders and Private Money Home Loans

What are Hard Money and Private Mortgages? "Hard Money," "Portfolio Loans" and "Private Mortgages" are mortgage loans which are funded by private individuals, trusts, partnerships, real estate investment groups and retirement funds. A privately held mortgage should not automatically be considered a "High Risk" loan, as some individuals who sell their homes prefer the tax benefits of holding the note for the property they are selling... This can be beneficial for all parties involved, but typically is not the case.

More often than not, "Private Money Mortgages," or "Hard Money Loans" are privately held mortgage notes that are not offered by banks or commercial companies typically because of credit issues or other loan qualification challenges. Central City Mortgage works directly with a number portfolio lenders and private investors that fund these types of loans.

Who Uses This Type of Loan Program? By their very nature "Hard Money" loans are used by borrowers with credit and income challenges, difficult property types or properties under actual construction or in poor condition. These are loans considered to be in "High Risk" of default (not paying). A private mortgage may be for you if:

1) You are currently behind on your mortgage payments.
2) You are currently facing foreclosure or have a notice of default filed against you.
3) You have tried to refinance but have been turned down because of credit or income issues.
4) You need a loan immediately and are willing to pay higher rates and costs so it will close within days.
5) You have run out of funds to finish construction.

A "Private Mortgage" is for borrowers who for what ever reason, do not qualify for traditional loan programs which offer lower mortgage rates. Hard Money Loans come at higher costs than traditional loan programs

What Does It Take To Qualify? If you own a home or raw property with good equity you may be able to qualify for a private mortgage; Equity is the single most important factor for qualifying for a private mortgage. The investors that Central City Mortgage works with will typically loan up to 65% of reasonable appraised value on improved properties (homes, condos, apartment building, commercial building), and 50% on raw property. These types of loans can be used for many types of real estate, such as; homes, condominiums, townhouses, commercial properties, hotels, motels, construction loans and other real estate secured investments.

The Bad News; If you do not have equity in your property, you are not going to qualify for a "Hard Money Mortgage." In every case there absolutely must be adequate equity to offset the risk of default to qualify for any private mortgage loan. There are no 100% LTV programs!

The Better News;Credit scores are not important, and actual Real Estate appraisals are not all that important (lenders typically use comparable properties to establish value without an actual appraisal). If you have enough equity in the subject property our lenders do not care what you are going to use the money for... even if you are in jail! Chances are The Wright Team can arrange a loan for you... in about 1 week. Our record was 3 days for the purchase of raw commercial property.

Financial Problems are Never Fun; If you are having money problems that a home loan could solve, and you have good equity... The Wright Team is ready to help. We understand that job situations, divorce, health issues etcetera can all reek havoc on our finances. Occasionally good people find themselves in situations where some fast money would solve a lot of problems, and traditional lenders have turned you down... We are here to help, and look forward to providing assistance.

The chances are excellent that we may be able to arrange a much better loan for you than lenders who only specialize in "Hard Money Loans;" we are not here to take advantage of your situation and provide all levels of mortgage lending. We frequently find loan programs banks do not offer with much lower rates and better terms than most other portfolio lenders. Call today; we can have funds in your hands often within days.

Legal Problems;

It seems like when thing go bad in life... everything hits at the same time. Unfortunately if you find yourself in legal trouble banks often do not want to lend to you... It seems income can be hard to prove if you are running the risk of going to jail, or worse, are actually in jail or rehab. Unfortunately attorneys want paid before they help, and bills and family needs still require money. If you have good equity, The Wright Team can probably get you the money you need and even arrange for deferred, interest only payments.

The Good News here is that hard times seldom last, and with a little financial help, go a lot easier... The Wright Team is here to help get you back on your financial feet and see you past such problems. We want to earn the right to become Your Personal Mortgage Consultant For Life; as such feel free to call Ed Wright 24/7 at (909) 938-3777, we are ready to help.