If you're registered for Cashloansmutual Online Banking and you already have a loan with us, you could apply to top it up online to an overall total of £35,000. That way, you’ll have the cash you need – whether for a new car, renovations or a bit...
If you're registered for Cashloansmutual Online Banking and you already have a loan with us, you could apply to top it up online to an overall total of £35,000. That way, you’ll have the cash you need – whether for a new car, renovations or a bit of extra breathing room.
Top-up your existing loan
When you top-up a loan, we don’t actually add money to it. Instead, we set up a new loan for the remaining balance and the extra amount you want to borrow. Then we pay off your old loan from that total, including any early repayment charges, and transfer what's left into your account. The new loan may have a different interest rate from your initial loan, and the term might be different too. This may mean that you would pay more interest than before.
If you haven’t signed up for Online Banking, you can register now. You can also call us on 855-409-5036 or visit a branch.
Take out an additional loan
Did you get your current loan for a specific reason and want to borrow for something else, or just want to keep your repayments separate? If you have a Cashloansmutual and are registered for Online Banking, you could apply for a second loan.
Log in to see if you have a provisional loan limit and can apply online. Then follow the application process.
If you're not registered for Online Banking, call us on 855-409-5036.
As with any form of lending, make sure your new repayments will be affordable.All loans are subject to status at the time you apply. Early repayment fees will apply.
Features of our Cashloansmutual Personal loan
Borrow up to £35,000 in total 3
You could get an obligation free personal price quote without affecting your credit score. Log in to Online Banking to see whether you have a provisional loan limit, without affecting your credit rating:- One fixed monthly repayment to help you budget
- You have the legal right to repay the loan early at any time
- Rates are the same regardless of what you’re borrowing for
You can apply in Online Banking, in branch or over the phone, depending on your circumstances and the products you hold 6
Loans are available up to 5 years (or up to 10 years on larger amounts for selected existing customers)
Repaying your loan early
You have the legal right to repay your loan early, in part or full, at any time. As well as any other interest that’s due, we’ll charge you a fee equal to 30 days’ interest. This will be calculated using the amount being repaid for a partial repayment or on the amount you owe us if you repay in full. For more information, call 855-409-5036 or visit a branch.
To find out what your repayment fee is at any time, log in to Online Banking, call us on the same number or visit a branch.13 Jul 20144 comments- Real estate investing has been a hot-button topic in recent years, as we have seen the industry turned inside out with volatility, the collapse of the housing market, and, of course, the tightening of capital purse strings by the banking sector. However, for hard money investors and borrowers, opportunity abounds in these turbulent times, as the ability to capitalize on distressed properties opens the door to fantastic opportunities for profit.
It is worth noting that not all distressed properties pose the same profit opportunity, which is why we've created this guide in an effort to better educate about what to look for, how to secure funding, and most importantly, how to generate a healthy return on the transaction.
Identifying the Perfect Distressed Property to "Pounce"
A property is "distressed" when it is being listed by the financing institution or is currently under an order of sale due to foreclosure. In these instances, the property is usually "priced to move", as the bank has little to no interest in hanging onto the property any longer than necessary.
Unfortunately, the same dynamic that leads to these opportunities also makes it incredibly difficult to find the financing to purchase the property, putting real estate investors in a dilemma. With banks refusing to offer up capital, how can they expect these properties to move? This funding gap has created a growing hard money lending industry that has taken the industry by storm.
Hard Money Lending Basics
Hard money lending offers those who have capital a wonderful investment opportunity, while providing those without capital the opportunity to turn healthy profits in distressed properties. There are several different perspectives on the hard money industry, so let's run down a few key components to help you determine whether or not investing in such endeavors is right for you:
(1) Valuation and the Loan
Hard money loans are contingent on the appraisal of the property. Because the lending institution will only offer around 70% of the total valuation, a borrower will want to be certain that the appraisal is accurate. This hedges the lender's bet on the high-risk nature of the loan, as the property is then placed as collateral against the loan itself. Should the borrower default, the property is then turned over to the lender as repayment.
(2) Protecting Yourself as the Borrower
Those interested in acquiring and "flipping" locations using hard money should be well-informed in the various nuances associated with the property's value and the conditions of the loan. One must be certain that they have property appraised the amount of WORK necessary to restore the property, if necessary, as these types of "surprises" can often lead to a financial nightmare. Fortunately, however, the lender doesn't want the property either, so they will likely be quite diligent in making sure that your proposal for profit is a sound investment - it just never hurts to get another opinion on the work required!
(3) Convenience vs. Interest Rates
Distressed properties provide great opportunities, as we previously mentioned, but in order to capitalize, time is of the essence. One of the biggest necessities is the ability to secure funding quickly. Hard money lenders will usually have the ability to setup an appraisal and provide funding in a matter of days, whereas standard banks can take weeks! This, alone, can ensure that your eye for property potential isn't thwarted by another investor that has deep pockets...
There is a price to pay for this convenience, however - hard money loans often carry higher interest rates than the standard bank alternatives. This should come as no surprise, as the risk is far greater for a hard money lender, given the propensity for "speedy" approvals.
Distressed = Discounted!
Distressed properties often come at a steep discount, as the lenders are simply trying to unload them and recoup their initial investment. Those that understand how hard money lenders can assist in securing quick capital can take advantage of newly found opportunities, improving the ever-important bottom line.
Today's real estate climate may have warmed a little, but don't buy into the notion that things have recovered. Banks are still sitting on countless properties, and are actively seeking investors to take them off of their hands. Those profits could be yours - you just need to understand the hard money sector!13 Jul 20145 comments
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