Hard Money Loans – The Quicker Way Of Financing Real Estate Deals!
Category : Construction Loans , Fix & Flip Loans , Hard Money Loans , Real Estate Loans
Real estate investors choose to use hard money for many different reasons, but the main reason is the ability of the hard money lender to fund the loan quickly. In many cases, hard money loans can be funded within a week. The application process for a hard money loan generally takes a day or two and in some cases, a loan can be approved the same day. Quick funding is a significant advantage for real estate investors, specially when they are trying to acquire a property with many competing bids, a quick close with a hard money loan will get a seller’s attention and set their offer apart from the rest of the buyers offering slow conventional financing. On the other hand banks require lots of documents for conventional loans including credit score, income history and also there should be no issues such as a short sale or foreclosure with borrowers.
Here are some situations in which you can utilize hard money loans:
- Fix and Flips
- Land Loans
- Construction Loans
- When the Buyer has credit issues.
- When a real estate investor needs to act quickly
A borrower can get a hard money loan on almost any type of property – including single-family residential, multi-family residential, commercial, land, and industrial. Hard money lenders are primarily concerned with the property’s value rather than the borrower’s credit. Borrowers who cannot get conventional financing due to a recent foreclosure or short sale can still obtain a hard money loan if they have sufficient equity in the property that is being used as collateral.
Conclusion
You can consider a hard money loan to fund one of your future real estate deals as it works quickly and required less documentations rather than banks.
Manga Capital Group, Inc is a leading hard money lender in Los Angeles, California with 30+ years of experience lending on properties. For more information on our loan programs Call (310) 734-4044 or Email info@magnaloans.com