The Many Benefits of a Hard Money Loan
Get the money you need to invest, quicker.
When it comes to making an investment, hard money lenders want the same thing that you do – a profitable investment. Whether you are investing in real estate or a business, lenders are willing to give you the loans you need to be successful, whatever your venture may be. Getting a hard money loan can prove to be beneficial to people of all investing skill levels, if they find the right investment, at the right time. Hard money loans do have advantages compared to conventional loans, these benefits include the following:
Simpler Application Procedure
The application for a hard money loan typically takes one to two days and may even be approved the same day! The simplicity and straightforwardness of a hard money loan has made it a popular choice for investors of all kinds – particularly in real estate and house flipping markets.
It Is Much Easier to Qualify for a Hard Money Loan
Rather than being based mainly on your credit stance, hard money loans are typically based on the value of your investment. Although all loans are based somewhat on your credit, it is easier to qualify for more money depending on the equity of your investment and your investment plans. To find out if you qualify for a hard money loan, contact Larry the Lender today to fill out an application.
Lower Down Payments
Because hard money lenders rely on the competition in the area, many lenders will lower their interest rates to suit the local market. When it comes to conventional loans, they are not overly concerned with the local competition and the interest rates tend to be higher as a result. However, depending on the risk being taken by the lender and the value of the investment, interest rates could be higher than expected. Discuss this with the lender during your consultation.
Faster and Easier Access to Money
On occasion, a hard money loan can be approved the very same day that the application is filled out – giving you access to your money, faster.