subject: How To Find A Good Source Of Residential Real Estate Loan [print this page] For many of us, having our very own home is a dream come true. Despite the shaky housing market and the countrys ongoing economic woes, many of us are still keen on buying residential real estate. But what if you cant afford to buy a house because of your current financial status?
For those what to purchase or invest in a house but dont have the financial means to do so, dont fret because there are lenders who are still willing to provide you with a residential real estate loan. A good example of these financers is a hard money lender. Even if you dont have a good credit rating, lenders of hard money loan can still accommodate your request to borrow some funds for your home purchase.
Hard money lenders, however, are unlike conventional lending institutions, which have store-front offices that you can conveniently march into. Because most of them are private individuals who want to earn extra income by funding real estate transactions, you have to use unconventional means to find leads to a great source of residential real estate loan.
One of the easiest ways to find hard money lenders is to get referrals. You can ask a neighbor of yours if he (or she) knows someone whos willing to lend you money for profit. Who knows, that particular neighbor that you have asked may be a hard money lender himself. Surfing the Internet can help, too, since lenders nowadays are advertising their services online to reach a wider audience.
If youre a newbie real estate investor, on the other hand, you can get recommendations from your colleagues, especially those who have already experienced working with lenders of hard money loans. Accountants and title companies are good sources of names, too, since they are the ones who usually prepare loan documents for these non-traditional lenders.
Attending meeting of the local real estate investing association can also help you get leads to a good source of residential real estate loan. Most hard money and private money lenders attend such events for the sole purpose of finding a potential business partner whose real estate investments are in need of financing. By meeting up with these people, you dont have to worry about finding a financial back-up.
Another alternative is to go to www.RehabHardMoney.com. With an extensive database of hard money and private lenders, the website can hook you with up with a good source of real estate loans, no matter where you are in the country.
