OUR SERVICE

Your Pena Lending Group consultant will conduct a thorough initial consultation that goes far beyond your ordinary loan application experience. Our Residential Mortgage Planning service takes into consideration your current financial situation as well as your future goals, and tailor makes recommendations based on current and projected real estate and financial market conditions. Once a strategy is drawn (using a suite of proprietary tools), your specific loan scenario is run through automated loan search and underwriting tools to find the best execution. After the closing of your loan, we also offer free active monitoring of your entire mortgage portfolio for life to capitalize on changes in the market and ensure your mortgage strategy is optimized.

INFORMATION ON HARD MONEY MORTGAGES FOR YOUR HOME

Hard Money loans are made on properties where there exists plenty of equity, which is the main qualification of this type of deal. If there is sufficient equity, traditional factors such as FICO score, debt-to-income ratios, reserves, etc. may be downplayed or ignored. Some lenders do examine income and asset documentation and credit report, but for the most part even if you have a 350 credit score there is hard money available to you.

Some of the unique features of this loan are:

Below 500 scores. These loans typically don't care what your score is as long as there is enough equity on the home.

Foreclosures and Bankruptcies allowed. Not only are they allowed, but most hard mone lenders allow you to bail out of a foreclosure currently in process!

Money even when everyone else says "No". No one who is not is a desperate situation should be put into a hard moeny loan, as your rate will average 12% and points will be around 5% or more of the loan amount. Compare that to a traditional loan in the 5-7% range with 1-2 points and you can see how much more expensive they are. However, these loans can be a lifesaver when there is no other option. This type of loan can save your home, pay off creditors, and allow you to make a fresh start with your credit. It is CRITICAL you work with your mortgage broker and other professionals to get your credit fixed up as soon as possible to be able to refinance out if the hard money loan and get a more reasonable rate.

Fast Closings! Most hard money loans can be closed within one to two weeks after the appraisal is received, allowing for access to quick rescue funds.

Please note this page is devoted to residential hard money loans, but Pena Lending Group also has COMMERCIAL HARD MONEY loans available as well, contact us for details.