Real estate values have dropped drastically and some borrowers now owe more than their home is worth! They are walking away...and foreclosures are at an all-time high. Many people obtained low-interest adjustable-rate mortgages (ARM) a few years ago and now those ARM's are re-setting to much higher interest rates, increasing homeowners' monthly payments;sometimes to levels they can no longer afford to pay. These are great opportunities to snap up homes on the cheap, but you will need fast money to buy these properties. This is where "hard money" loans come in. They require no income or credit verification. The loan is made based solely upon Loan-To-Value ratio of the property (LTV).
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HARD MONEY LENDING FOR MICHIGAN INVESTMENT REAL ESTATE
