When you need outside financing support for your project you generally go for hard money lenders or banks. Both methods of financing projects are commonly used but procedures are completely different which could affect the outcome of your project! Time is money on a construction site so the quicker you get your money the better the outcome could be.
Identify and approach your situation
It is important to identify the situation you are in to be able to choose the best financing option for your needs. If you need fund frequently but have poor credit or no credit at all, hard money loan would be the best option for you. Hard money loan always works for quick and flexible financing needs. Hard money is a short-term loan that you can close within six months or less. There is less paper work required in hard money loans because the only information generally needed is property value and the investor’s information.
The change can be very positive and worth it!
There are many cases where investors need quick financing but they don’t get it in time and suffer big losses from that. This usually happens when the loan is applied through banks, as they require much more paperwork and time to review a list of factors that determines your qualifications. This is not a very appealing route for many people as they generally assume they will be declined after all the paperwork asked by the bank.
The deciding factors can be the condition on the property and how much risk is going to be taken in working with that company. Hard money loan specialists will work with you further in-depth and be more considerate of your situation for a higher rate in return on their fee due to risk. The most positive impact a hard money loan can have is saving a project!
You can save your project with hard money loans even if you have bad credit score or ineligible for standard mortgage loans. Hard money loan procedure is significantly faster than bank loans because there are very less paper works required. You can get fund quickly to save your project.
Magna Capital Group, Inc. is a hard money lender in Los Angeles, California with over 30 years of experience. For more information about our loan programs or to inquire about a loan call (323) 655-6888 or email at firstname.lastname@example.org.