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Conventional financing from traditional lenders, like banks, has a much stricter underwriting guidelines than private money lenders like King James Lending. We are able to fund based on assets rather than personal finances. This is how we are able to lend fast! And provide private loans to investors and borrowers with bad credit, and helping them when faced with:
In addition to the convenience of fast cash for your existing equity, there is another major benefit from getting a loan through cash out refinancing with a private money lender. The remaining cash that is left over is not considered income because it is from your existing equity. Which means… that it is TAX FREE!
This TAX FREE private money can then be used 100% for your investment or purchase!
With Hard Money Cash Out Refinancing, your existing mortgage is replaced with a new loan. The difference between the existing mortgage and the larger hard money cash out refinanced loan is cash that goes to you. Our hard money cash out refinance loan rates are lower than your typical credit card rate, making it a more affordable option.
Borrower has an existing mortgage balance of $50,000.
They get a Cash Out Refinanced Loan for $100,000.
The remaining balance is theirs to use for investment.
$100,000 – Cash Out/Refi Loan
– $50,000 – Mortgage Balance
= $50,000 – Remaining