subject: Why You Should Get A Loan From Hard Money Lenders [print this page] What makes hard money lenders the best choice when it comes to securing loans? For those who have grown tired of securing traditional loans from banks, the advantages of private money lenders become clearer when you take into account the time, energy, and effort you save in the long run. This makes them the friends of investors, wholesalers, or rehabbers.
First, applying for a loan from private money lenders is a breeze. There are no long lines and no long waiting time just to speak to the grumpy old loan officer or the person in charge who thinks he owns everything. With hard money lenders, you simply talk to one person.
The person who gives you the loan is the one in charge. He or she alone makes the decision. This cuts the red tape and will spare you from the misery or frustration of talking to a bunch of people at the bank or a processing team that will only reject your loan application after a long waiting period.
Secondly, hard money lenders arent interested whether you have a good credit score or credit report. They dont care if you have money or not. They wont ask for your credit card or proof of membership in an exclusive country club. Neither will they check how many cars you have or what models you own. In fact, they wont even ask for a down payment for your loan.
Since hard money lending is collateral-based, what theyre interested in is the property youre flipping. If they see that your property can be resold in no time at all, they will gladly give you a loan. In some cases, they will even finance 100 percent of your loan. That includes the purchase price of the property and repair costs. Try getting that from a bank!
The whole process of borrowing money from hard money lenders is quick and easy. Unlike traditional bank loans that take long to process and forever to settle, the money you obtain from private money lenders can be settled in just three to 12 months which is more than enough time for you to flip the property, pay off the loan, and enjoy the fruits of your labors. These are just some of the reasons why hard money lenders are the best source of loans on the planet. For more information on how you can secure hard money loans, go to REIwired.com.
