Lending Bee offers business purpose hard money loans.
This means that you can either receive a hard money loan for an investment property that you do not live at, or it means that you may borrow against your home for a business related expense, but not one of a personal nature. For example, you may take out money against your home to pay for a business expense that doesn’t have anything to do with your actual place of living, but you may not take out the hard money loan in order to help you pay your mortgage for the home you live in.
Lending Bee requires proof of occupancy during the loan underwriting and processing stage. Every borrower is required to disclose their home address, as well as, the address of the property that they are obtaining the hard money loan for, or “the investment property.” The borrower is also required to obtain insurance for their investment property that covers loss of rent since it is not owner occupied. This should be kept in mind when applying for Lending Bee hard money financing.