If you’re having issues getting a home loan in Las Vegas and financial circumstances are holding you back from your goals, the financial experts at NV Capital Corporation offer options to secure a private home equity loan with bad credit. As hard money lenders, we can help almost any buyer with alternative ways to obtain reasonable real estate borrowing opportunities.
What Is A Private Home Equity AKA Hard Money Loan?
Private home equity loans are those offered by hard money lenders and the terms are used interchangeably in the realm of real estate loans. These are short-term mortgages that are secured by the current equity position of a borrower’s real property.
Most often, private investors are the primary backers of an equity offering with bad credit applicants. Hard money lenders can be a savior for those who fall outside of the conventional underwriting guidelines. Rather, applicants’ qualifications are based upon the equity position of their current property, which is solely used to determine eligibility despite:
- Borrower’s credit unworthiness
- Late mortgage payments
- Prior judgments
How Do Private Home Equity Loans Differ From Conventional Options?
Traditional mortgages may have fixed or adjustable interest rates that are fully amortized over a period between 10 and 40 years. In contrast, an equity line of credit almost always only requires interest payments throughout the loan, with a balloon payment at the end of the term for the full amount borrowed.
The Top Benefits Of An Equity Line Of Credit
Private home equity offerings are an ideal solution for those in need of financing when traditional options are not obtainable from conventional lenders. This kind of line of credit can be secured for many types of real estate and related purposes including:
- Owner- & non-owner-occupied properties
- Multi-unit real estate
- Commercial properties
- Mixed-use properties
- Home renovations & improvements
- Business start-ups & expansions
Consolidating business debt
Another perk of hard money offerings is that they can typically be approved and funded much faster than conventional routes. Other benefits include:
- No FICO requirements or restrictions
- Emergency & bridge financing options
- Fixed interest rates
- Flexible terms
- Funding for start-ups, operating expenses, expansion & payroll
- Loans to foreign nationals, trusts & corporations
Need An Equity Loan With Bad Credit?
Private home equity loans from NV Capital Corporation in Las Vegas can provide you with a hard money residential or commercial real estate loan fast. If you’ve been denied the funding you need, contact us today to talk to one of our financial officers about real estate loans.