Find the best soft money loans at Custom Mortgage
Unlike hard money loans that accompany high interest rates and fees, people prefer going for soft money loans as it is an easier approach with flexible payment schedules. At Custom Mortgage, we help you find the suitable soft money loans that fit your business objectives perfectly. We deal with the trusted and professional soft money lenders who can even assist you with other financing solutions.
Why you should get a soft money loan?
Soft money loans have a better set of financial terms and are simple to opt for, unlike the complicated requirements of other traditional loans. In fact, fulfilling the requirements of other regular loans is not at all manageable for everyone. And this where soft money loans come in!
The primary reason why people are showing interest in soft money loans is its low interest rate and a longer period for repayment. And the best part is that Custom Mortgage keeps you covered by offering the best soft money loans and help you with financing at all stages. Going for a soft money loan is a quick and easy process- the application procedure is easy enough. Once approved, the users instantly get access to the funds. The process is far quicker and easier than that of other traditional loans options.
Soft money loan v/s hard money loan
A hard money loan is just like a traditional loan but with low interest rates and longer repayment periods and is generally offered by a trusted and certified soft money lender. While on the other hand, hard money loan solely depends on the value of the property and credit score history of the borrower. These kinds of loan have a determined repayment schedule and lending criteria.
The major difference between a hard and soft money loan is the credit score i.e. in order to qualify for a soft money loan, you must have a credit score of more than 580. And higher the credit score you’ll have, lower the interest rate would be longer the repayment period. While for a hard money loan, there’s no parameter as credit score eligibility. Instead of credit score history, they depend on the quality of the property. Moreover, soft money loans help to fund up to 90 percent of a property’s LTV.
The only similarity of a hard and soft money loan is- both of them have contingency plans to safeguard investment in case the deal is about to drop.
Why opt for a soft money loan?
For the borrowers who meet the requirements of a traditional loan to a certain extent can likely be eligible for getting a soft money loan, rather he can easily get a soft money loan. However, there is a huge of benefits that a soft money loan can offer you:
Quick & easy procedure: The borrower gets notified in a very short period of time that whether he is eligible for the loan or not. In fact, people easily get approved for the loans and receive the final approval without much formalities and requirements.
Low interest rates: Soft money loans can be availed easily and even leave a positive impact on your personal economy. This kind of loans offer far better financial parameters, and borrowers do enjoy lower interest rates and longer repayment terms.
Financing by private investors: Soft money loans lifecycle is carried out through a reputable and trusted company that has good experience in the financing industry. Getting loans from Custom Mortgage becomes a good option because we deal with the expert and professional lenders only to offer loan and financing services to the borrowers.
Credit score history: No doubt, having a good credit score helps you to get a loan easily and same goes with soft money loan. If you have a strong credit score, it’s excellent. However, if you don’t have a high credit score, you can still opt for soft money loan.
How to qualify for a soft money loan?
Every borrower’s case is different, yet to qualify for a soft money loan, it all depends on the credit score, borrower’s salary, amount saved for the down payments, price of the property to be purchased, and various other expenses. If you are applying for the very first time, you must reach out to Custom Mortgage experts and discuss your requirements- your credit score history, your loan requirements, about your documents, or any past bankruptcies. Once clear with it, we’ll suggest you with the best financing services and loans from professional soft money loan lenders. You can reach us at any time, our experts are here to assist you round the clock.