How to Find Genuine Hard Money Lenders?9244245
Have you tried all self proclaimed hard money lenders in your town and you are unable to find much difference between the recommendations of these lenders and standard lenders? Are you in search of a genuine hard money lender, who could fund you in as less than 7 days without much hassle?
If you have answered "yes" to above concerns, then you have come to the correct place. This post will help you in finding the answers to your questions in an easy way.
Before obtaining into the discussion zone, let us first deal with the 800 pound gorilla in the room...
So, what are the elements which make a "real" hard money lender company?
There are some basic variations between the so-called and real lenders, which you require to understand first. Apart from that, there are some solid reasons of choosing a true hard money lender over a false one.
Distinction #1 - A accurate hard money lender is not interested in your credit history. A real lender will never place a situation that if you don't have a great credit history, you won't get financing. There are many hard money lending companies, which will say that they do not care about your credit but at the end of the day, they'll say that their minimum credit score requirement is 600.
The purpose behind this is these lenders are packaging their loans for Wall Street or banks, so ultimately they'll have to conform to all the legal specifications set up by these traditional lenders, which can't be afforded by a individual who has a bad credit history.
Difference #2 - On the other hand, a real lender ONLY cares about your collateral you are prepared 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 buy price, repair cost and estimated after repair worth (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 place your credit score, job history, salary and other finances at the top of their loan requirements list before offering you a loan, which is precisely exact same as standard lenders work.
This shows that there is a huge distinction in between a real lender and an imposter.
Now, coming back to the main question, how to find a genuine hard money lender?
The basic predicament here is that there are extremely couple of of them in the real estate investment world. You can start finding them by way of internet by looking at their guidelines. I would also like to introduce a valuable resource know as DoHardMoney.com to you, which have one of the most easiest hard money loan options available on-line.
