Investment Mortgage

Milo vs. Banks vs. Hard Money Lenders

By Milo

October 5, 2021 3 min read

Table of contents
Milo vs. Banks vs. Hard Money Lenders

When buying a house in the U.S. there are many different factors to consider. Home location, resale value and aesthetic are all important. Nevertheless, understanding the types of bank loans to be considered, while taking mortgage lending rates into account, is one of the most vital decisions to make for a home purchase.

Using a Bank as Your Home Mortgage Lender

A bank, whether a large or local entity, is often the first stop for those who are seeking home ownership. Banks typically offer a variety of home financing options and have competitive mortgage lending rates. Types of bank loans can include new home purchase, refinance and cash-out options, sometimes referred to as reverse mortgages.

Banks are trusted lenders in the United States, but for those who find themselves in non-standard income situations, or those who do not hold residency in America, their offerings can be difficult to obtain. Large amounts of paperwork, and a thorough check of finances and documentation will be needed for any type of mortgage with a bank. The process can be lengthy and often requires sign-off on many different levels from offices based throughout the U.S.

What is a Hard Money Lender?

Hard money lenders secure the terms of a loan based on the property being used as collateral, negating the creditworthiness of a borrower. A hard money loan is primarily used for real estate transactions, but they are secured through an individual or private company, not a bank. This gives more flexibility, but comes with much higher mortgage lending rates. For those buying a house in the U.S. as a Foreign National, hard money lenders are seen as a loan of last resort, something to hold over for a short time, but at a cost that is difficult to tolerate.

Milo is the Answer

Milo is a direct money lender. We provide home financing options that hold mortgage loan rates competitive with banks, without requiring the paperwork and hassle of a traditional bank loan.

With an innovative digital approach, Milo is on a mission to drive more financial inclusion for Foreign Nationals within the U.S., while making the world just a little bit more connected in the process. Currently, only 30 percent of international loan seekers are approved for home financing options through a U.S. bank.

This means that many non-U.S. home buyers are left working with hard money lenders, suffering from high-interest rates that keep investment at bay. Milo was created to change this. There are millions of qualified consumers in the international space and our home loan solutions radically change the landscape for foreign national investors.

Milo lends money directly through a completely transparent process with low interest rates and minimum paperwork requirements. Our innovative technology allows for low lending rates, and our team can directly lend Milo capital, so buyers can move through the process with ease.

If you are a Foreign National looking for a new home loan, refinance, or cash-out options, Milo is here to help. Contact us to learn more!

The opinions expressed in the Blog are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product.


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