How to Find Genuine Hard Money Lenders?3660919
Have you attempted all self proclaimed hard money lenders in your town and you are unable to find a lot difference between the guidelines of these lenders and conventional lenders? Are you in search of a genuine hard money lender, who could fund you in as less than 7 days without a lot hassle?
If you have answered "yes" to above concerns, then you have come to the correct place. This post will assist you in finding the answers to your questions in an easy way.
Before getting 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 fundamental differences between the so-called and real lenders, which you need to comprehend first. Apart from that, there are some solid factors of choosing a true hard money lender over a false one.
Distinction #1 - A true hard money lender isn't interested in your credit history. A real lender will never put 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 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 purpose behind this is these lenders are packaging their loans for Wall Street or banks, so in the end they will have to conform to all the legal requirements set up by these conventional lenders, which cannot be afforded by a person who has a poor credit history.
Difference #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 with out any preconceive notions. They will give a buy cost, repair cost and estimated following repair value (ARV) of the property to the lender and if they find it great 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 specifications list before offering you a loan, which is exactly same as standard lenders work.
This shows that there is a massive difference 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 few of them in the real estate investment world. You can start discovering them via internet by looking at their recommendations. 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 accessible on-line.
