Hard money loans are loans that are funded by private investors. They are much quicker and easier to obtain than bank loans, require less paperwork, have faster approvals and have higher interest rates than traditional financing. So why get a hard money loan?
- You Need Money Fast: In real estate, opportunities come and go quickly. Waiting for a traditional bank loan often means losing out on a deal. Savvy real estate investors know that time is money and having a trusted hard money lender on your team means that when opportunity knocks, you’ll be able to answer, close the deal and secure new properties fast.
- Rehab and Fixer Upper Properties: Some of the most lucrative real estate investments are fixer upper/flip properties. Buying a distressed, below market property, rehabbing it and selling fast for a profit is a low risk strategy, especially for newer real estate investors. Unfortunately, most banks won’t finance these types properties. Using private money loans to finance fixer upper properties is your simple solution to flipping homes and maximizing profits.
- Strategic Investing: Whether you need a bridge loan to hold you over until the bank loan comes through, a mortgage refinance to cash out on property for a new investment or you simply need a large sum of money fast, hard money loans are the strategic answer to all your financing difficulties. Having a trusted and reliable private money lender on your team is one of the best decisions both new and seasoned investors can make.
- Bailout: Tax liens, foreclosure and tough times can happen to anyone. You don’t have to lose your property. A hard money loan can be a lifeline when you need it most. Simple, no hassle and fast, bailout loans can keep you and your property afloat while you weather the storm. Calmer seas are up ahead.
- No Credit, Bad Credit: Whether you’re just starting out in real estate investing or you’ve had some trouble in the past, a less-than-perfect credit score can be a disqualifier for most folks seeking bank financing. Whatever your credit story, a hard money loan is the answer. Loans can be approved for any type of credit situation except active bankruptcy. If you’re wondering if you could be approved fill out our online loan application today.
Hard money loans offer ease, speed and flexibility that banks simply cannot match. Having a hard money lender you trust on your team is truly an invaluable addition to any real estate investing strategy.