How Does a Hard Money Cash Out Refinance Loan Work?
With a Hard Money Cash Out Refinance Loan, the borrower’s existing mortgage is replaced with our larger hard money cash out refinance loan. The difference between the existing mortgage and the larger hard money cash out refinance loan is cash that goes to you. This is why it is referred to as a cash out refinance. Our hard money cash out refinance loan rates are lower than your typical credit card rate, making it a more affordable option.
Borrower has and existing mortgage = $50,000
The new Hard Money Cash Out Refinance Loan= $100,000
Cash Out = $50,000
This example does not include third party fees or additional costs related to closing the loan such as appraisal, title and escrow fees, and origination.