Residential Hard Money Loans in California
Residential Hard Money Loans Explained
"Union Home Loan offers interest only hard money loans based on the borrower's equity in a property - NOT based on their income or credit!"
Conventional Residential Loans
A conventional, or traditional, residential loan is typically where a lender (bank) receives a loan/mortgage application, spends weeks to months reviewing your finances, and then approves or denies the loan. Most residential conventional loans are amortized (fixed payments of both principal & interest) over 30 years. Conventional loans center around borrower credit history, income, and debt.
Direct Lender for Residential Hard Money Loans
Residential hard money loans are generally offered by private, or direct, lenders that primarily loan against the borrower's equity in the given property. In these scenarios, the private money lender is not as focused on credit, income, or other outstanding debt unless it is encumbering the property itself. A private lender residential hard money loan is typically interest only for a shorter term, of six to thirty-six months. Therefore, monthly payments are less than conventional loans and the loan underwriting process, for approval, is much faster.
Union Home Loan Promises
Bad Credit is OK!
BAD CREDIT CAN QUALIFY! Our commercial hard money loans are based off of the amount of equity held in the commercial property - not the borrower's credit score.
Funding Within 10 Days
Union Home Loan can fund almost any approved loan in 10 days or less! Union Homoe Loan researches, approves, underwrites, and funds all loans through its in-house departments which ensures fast & accurate decision making.
We Are a Direct Lender
Union Home Loan is a direct lender and makes all funding decisions in-house. This means that, if approved, we can fund your hard money loan without approaching a traditional lender.