Consequences of Defaulting on Hard Money Loans

Hard money loans are a common way to fund a real estate project. In many cases, these loans can be used to buy properties that banks won’t finance because of their riskier nature. However, if you default on one of these loans there will be consequences. This article discusses the repercussions of not paying back a hard money loan and how they differ from other types of financing options.

You May Lose Your Property

If you can’t make your payments on a hard money loan, the lender has the right to take possession of the property that serves as collateral for the loan. This means you could lose your home or business if you can’t come up with the cash to pay back your debt.

You’ll Likely Face Legal Action

Hard money lenders are typically more aggressive than traditional banks when it comes to collecting on loans. If you default on your loan, the lender is likely to pursue legal action in order to recoup their losses. This could lead to wage garnishment, asset seizure, and even bankruptcy.

Your Credit Will Suffer

A hard money loan is a high-interest, short-term loan. This means that if you can’t make your payments, you’ll end up with a high-interest debt that will damage your credit score. This could impact your ability to get future loans and may even prevent you from renting an apartment or buying a car.

You’ll Waste a Key Investment Opportunity

Hard money loan financing is expensive. If you can’t pay back your debt, it will represent a significant waste of potential income that could have been used to grow your business or fund future investments.

You May Lose Your Equity

When you take out a hard money loan, you’re typically required to put up some form of collateral. If you can’t make your payments, the lender has the right to sell that collateral in order to recoup their losses. This could mean losing all or part of the equity you’ve built up in your property.

You’ll End Up in a Stressful Situation

If you default on your hard money loan, things are likely to get very stressful. You may face legal action that will require hiring an attorney and could lead to bankruptcy or foreclosure proceedings against your property.

This is why it’s so important for borrowers to make their payments on time; if they can’t do this, there’ll be significant consequences down the road.

You May Need Hard Money Loans Again in the Future

The repercussions of not making timely repayments with a hard money lender may prevent you from getting loans in the future. This means that even if you manage to save up enough capital for another project, borrowing funds might become extremely difficult without good credit history and high-income levels.

You Can Ruin Your Business Relationship With the Lender

If you have a good relationship with your hard money lender, it may be possible to work out a repayment plan that allows you to avoid some or all of the consequences listed above. However, if you don’t repay your debt as agreed upon, you could ruin this relationship and make it difficult to borrow money from them in the future.

As you can see, there are several consequences for defaulting on loan, paying on time will help you avoid all of these unfortunate outcomes and save your business.

The Morgan Plus Four Super Sports Sports Car

A review of The Morgan Plus Four Super Sports Sports Car, covering development, important features, and technical data of this the fifth model in the Morgan range.In this Article, I offer a nostalgic look at the Morgan Plus Four Super Sports, one of an elite group of classic cars, which was manufactured during the period 1936 to 1950.The creation of the Morgan Plus Four Super Sports is, in essence, down to the skills of Chris Lawrence, whose Morgan Plus 4 was very successful in the 1959 UK Race Season.In 1962, his competition successes came to the notice of Peter Morgan, who offered him Morgan works support.As a result, he won his Class in the 1962 Le Mans 24 hour race.Under the name Lawrencetune, he prepared engines for Morgan when specially ordered.The Lawrencetune Morgan Super Sports used the aluminium low-line bodies prepared specially for Le Mans.However, prior to low-line Super Sport production, a number of hybrid Plus 4′s were produced with the original steel high-line bodies, coupled with aluminium wings, and Lawrencetune engines.These are now a highly sought after models.During the period mid 1950′s to early 1960′s, the Morgan Plus 4 was powered by a series of Triumph TR engines and gearboxes.In 1960, Morgan teamed up with Lawrencetune, who modified the engines of a small number of Plus 4′s which were entered into various endurance events, including the Le Mans.Since it was not unusual for these modified cars to secure at least Class wins, they duly created interest amongst the sports car fraternity to encourage Morgan to produce equivalent modified Plus 4′s.Hence the birth of the Plus 4 Super Sports.In February 1961, Morgan launched the Super Sports which featured:
Specially modified 2138 cc, 4-cylinder Triumph TR2 engine developing 125 bhp at 5500 rpm
Four speed manual gearbox
Gas flowed head
Compression ratio of 9.0:1
Modified camshaft
Balanced crankshaft
Two twin choke Webber 42DCOE carburettors
Special inlet manifold
Four branch exhaust system using two pipes
An oil cooler
Four wheel disc brakes
The two seater Super Sports were produced in one of two body styles – either the high body or low body versions.Early models made use of the high-line bodies from the Plus 4, whilst later models used the low-line bodies from the 4/4.In 1962, a Lawrence tuned Plus 4 secured Morgan’s finest success at Le Mans, where it was a Class winner.As a result, it became the prototype of the Super Sports, which featured a lighter, low-line aluminium body, and a more powerful 125 bhp engine derived from a modified 92 bhp TR2 unit.These cars were distinctive with their bonnet scoop, which was necessary due to the cars’ two twin choke Webber carburettors.During the period 1961 to 1968, a total of 104 Morgan Plus 4′s were modified to achieve the Super Sports specification.Of these, 95 were two seaters built for racing and competitions primarily in the US.Furthermore, 50 of these cars were built as convertibles.With a top speed of nearly 120 mph, they were not only high performance cars, but also well suited to competitions.A unique example of this car was known as the Baby Doll, and was famous in Morgan folklore.It was specially ordered, in early 1962, by Lew Spencer, a Morgan dealer and noted SCCA (Sports Car Club of America) member.This was his personal Morgan race car, in which he subsequently won the 1962 SCCA C Class National Championship.The Baby Doll was renowned for the fact that it regularly beat Corvettes, Porsches, and E-Types, even though it sported a smaller engine than its competitors.It has been suggested that the Plus Four Super Sports offered what was probably the best value performance car on the market at that time.It had precise handling, with a body styling that took one back to the classic cars of the 1930′s.The Super Sports is the most desirable Morgan performance car owing to its competition successes in a number of major international races, combined with its limited production.This marked the end of the Morgan Plus Four Super SportsPerhaps this stroll down memory lane might have answered, or at least shed light on, a possible question:Which Morgan Sports Car is Your Favourite?However, should this question still remain unanswered, I will be reviewing, in some detail, in future articles within this website, the entire range of Morgan sports cars which were featured in the memorable era spanning 1911 to 1996.I hope you join me in my nostalgic travels “down sports car memory lane”.

Honoring the Memory of Your Lost Pet

Anyone who is a true animal lover will tell you that the loss of a pet can sting every bit as much as losing a human friend or family member.Unfortunately the sad truth is that most pets don’t have the same type of life span as a person. This means that losing a pet is often inevitable. For those who feel the loss of a pet, pet memorials can offer a sense of closure. It’s important to remember that a beloved pet is just as much a part of the family as any human being is. Honoring pets with pet memorials gives grieving family members the opportunity to come together and say goodbye.We have memorial services when we lose friends and family members, to have one for a pet is a normal part of the grieving process.Just because a pet was an animal does not reduce the significance that they had in your life. You can form a loving bond with a pet that can be very painful when it comes to an end.As pets get older there may come a time when an especially difficult decision must be made. When a beloved pet is suffering due to age and injury it is in the best interest of the animal to consider euthanasia. Although the thought of losing a pet may seem like it is too much to take, keeping a pet around that is suffering isn’t fair to the animal.When the time comes, euthanasia is a way for you to allow your pet to rest in peace and escape the suffering that age can bring. You can choose to take your pet to a local vet, or many vet offices will even come to your home to perform this merciful and compassionate service for you. Although the pain may be overwhelming at first, you can take comfort in knowing that you have done what is right for your pet. Your pet is no longer suffering, and can finally rest in peace.Once your pet has passed away it’s possible to still feel close to them when you choose pet cremation. Cremating your pet allows you to keep their remains in a manner which is legal and safe. Burying your pet has health issues and there are often laws in place that prevent you from doing so. Instead of burial you can choose to cremate your pet and keep their remains, and memory close to you. There are many types of urns for pet ashes that can be purchased allowing you to keep the ashes of your pet nearby. Memorial pet urns are a way to remember your pet and give them an honored place in your home.You can place a pet cremation urn on your mantle, or in another place of significance, allowing you and your family to remember how much your pet meant to you.Loss is a part of life. All of us lose loved ones and friends over time, and the loss of a pet can be just as painful. Why not honor your pet by choosing pet cremation? Your pet was a part of your life, for many people a pet could have been a companion for many years. You owe it to your pet to make certain that the end their lives with dignity and respect.When the time comes, and your pet is no longer healthy enough to function normally, you may have a difficult choice to make. You may have to choose euthanasia. Know that while this choice may be painful, it is the right choice to make. Even after yourpet has passed away you and your family can still feel close to him by placing his remains in one of the many pet memorial urns that are available. With your pet’s ashes nearby you and your family will be reminded not of the pain of losing him, but of the joy that he brought to your lives.Your pet probably spent most of his life in loyal service to you and your family. He probably wanted nothing more than to please and protect his human masters. By having a memorial service for him, and choosing pet cremation, you can honor him in the way that he deserves.