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Encyclopedia > Non Conforming Lenders

Non-conforming Lenders provide loans for projects that are outside of traditional bank lending criteria. These loans are called non-conforming loans. A large portion of real-estate loans are qualified as non-conforming because either the borrower's financial status or the property type does not meet bank guidelines.


Selecting a Non-Conforming Lender

Borrowers should select non-conforming lenders in the same careful way they would shop for any other loan. Look for good rates and especially a good customer service rating. Rates for non-conforming lenders are typically higher than those for banks, but terms are more flexible and loans more easily attainable. Many companies advertising non-conforming loans are brokers who refer the loans requests they field to lenders. In commerce, a broker is a party that mediates between a buyer and a seller. ...

Types of Non-Conforming Loans

Commercial non-conforming loans are also known as hard money loans, and comprise a large portion of all non-conforming loans. They are used to fund industrial and retail projects like RV parks, theatre complexes, gas stations, medical centers and more. Many commercial non-conforming loans are bridge loans. Hard money loans are loans collateralized by real estate. ... A bridge loan is similar to a hard money loan. ...

Residential non-conforming loans are strictly regulated, usually with much higher rates than banks. Some states have legal limits against non-conforming loans for residential real estate.

See also

  • Asset Based Loan A similar type of commercial loan based on real estate, indicating the loan will be based upon a percentage of the properties appraised value, as the key criteria.
  • Bridge Loan A similar type of commercial loan based on real estate
  • Hard Money A similar type of commercial loan based on real estate
  • Commercial Loan Standard, broad types of loans based on commercial property value

An asset based loan will typically be lent to a borrower, and secured by either residential or commercial real estate, or both if they are cross collatoralized, at a fixed percentage of the properties appraised value. ... A bridge loan is similar to a hard money loan. ... For the use of the term in politics, see hard money (politics). ... A loan is a type of debt. ...

External links

Lists of Hard Money Lenders




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