Are you not able to find a genuine Hard Money Lender in your town, in-spite of your hard efforts? If you have answered “yes” to above questions, then you are on the right place. We will help you finding the answers to your questions. So what is basically a “real” hard money lender company? There are some basic differences between the real hard money lender over the false company. Apart from this there are some major reasons of choosing a true hard money lender over a false one.
1 – A true/Genuine hard money lender is never interested in your credit history. A real lender will never put a condition that if you don’t have a good credit history, you won’t get financing. There are many hard money lending companies, which will say that they don’t care about your credit but at the end of the day, they’ll say that their minimum credit score requirement is 600. The main reason behind this is that, these lenders are packaging their loans for Wall Street or banks, so ultimately they’ll have to conform to all the legal requirements set up by these traditional lenders, which can’t be afforded by a person who has a bad credit history.
2 – On the other hand, a real lender ONLY cares about your collateral you are willing to invest in. They will get your property evaluated by professional independent evaluators, who will look at your property without any preconceive notions. They will give a purchase price, repair cost and estimated after repair value (ARV) of the property to the lender and if they find it good enough, they will fund you there and then.
Whereas, the imposters will put your credit score, job history, salary and other finances at the top of their loan requirements list before offering you a loan, which is exactly same as conventional lenders work.
This shows that there is a major difference between a real lender and an imposter.