How to Find Genuine Hard Money Lenders?9493117
Have you tried all self proclaimed hard money lenders in your town and you are unable to find much distinction between the recommendations 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 questions, then you have come to the right place. This post will help you in finding the answers to your concerns in an simple 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 require to understand first. Apart from that, there are some solid factors of choosing a accurate hard money lender over a false one.
Difference #1 - A accurate hard money lender isn't interested in your credit history. A real lender will by no means place a situation that if you don't have a good credit history, you will not 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 reason 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 specifications set up by these conventional lenders, which cannot 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 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 price 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 specifications list before offering you a loan, which is precisely 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 query, how to find a genuine hard money lender?
The basic predicament right here is that there are very couple of of them in the real estate investment globe. 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 online.
