Hard Money Lenders: A Test For Rehabbers

One reason why banks were probably set up is to help people get through hard times

, to grant them credit when they need it. Traditional lenders, however, cannot just give loans to everyone. After all, they are still a business venture. They need to earn money as well to ensure their survival. And so, the creditworthiness of people was invented and is now serving a major hindrance for many businessmen involved in flipping houses from achieving bigger success.

That is the major difference of banks and hard money lenders. Not to discredit banks, but when it comes to real estate investing, hard money lenders have the edge in helping rehabbers. This is because hard money lenders look at the deal a borrower presents, not his credit score.

In one way, we can say that securing hard money is a test for good rehabbers. It supports those who are good at the job, those who have the nose for the right deals. Take note that these lenders approve applications based on the potential of a deal, and not on a persons ability to repay the loan. They scrutinize a property you are about to flip and assess whether it indeed is a source of positive return. That means that if your application is approved, youre probably cut for the business.

So whenever a borrowers application is approved, he must keep in mind that what he found was a good deal and that he must continue searching for the like if not better.

Its almost like a rock band looking for a manager. If the band presents a good material and the manager sees the potential of the songs, he wouldnt hesitate shelling out money to launch that band into stardom.

Hard money remains a staple source of funding for flipping houses and for rehabbers who endlessly search for the best deals available in their area. And if you want access to hard money loans fast and easy, visit www.RehabHardMoney.com. The web site is a meeting place of hard money lenders and borrowers from across the country. RehabHardMoney.com processes hard money loans in just days.

by: Carrie Dawson

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