There is a new kind of alternative BORROWING that is present in the financial market today. Referred to as Hard MONEY LENDER, these are individuals or group of individuals whose sole purpose is to lend a sizable amount of money to any individual but one who can secure the loan with a high valued hard asset. These groups of lenders are now being considered as an alternative choice to banking and other financial institution from the list of money lenders in Singapore that offers conventional types of loans. Hard money lenders accepts any type of high valued asset such as high end cars and boats, planes, properties, original painting and forms of high valued arts. Hard money lenders are different from conventional lending institutions since the latter is more concerned on the credit history and capacity and capability to pay by the borrower, hard money lenders are more concerned in the value of the collateral being secured by the borrower.
What are the Charges and Fees of Hard Money Lenders
Hard money lenders have a variety of fees, charges, and condition and these terms is usually dependent on the amount of loan being borrowed and the value of the collateral being secured by the loan. Rates and charges by Hard Money Lenders are higher than those of the traditional lenders. This is because they (hard money lenders) are not covered by guidelines of traditional loan companies. Actual rates may differ from place to place but they are still much higher than traditional loan companies. Loans acquired from HMLs are usually short term that ranges from 6 to 24 months.
Hard Money Lenders is a Good Alternative
Hard Money Lenders are tailor fitted for individuals or group of individuals that are into the real estate business. These fast cash loans can be a major source of funding for real estate businesses that needs short term capitalization. Because loan funds is quickly approved and released, loan recipients can immediately start their real estate projects. This is unlike traditional lenders whose loan approval can take months before the money is released. However you must take note that the terms and conditions of HML loan can be quite strict and hardly flexible.