subject: Hard Money Financing for Your Real Estate Deals [print this page] Hard Money Financing for Your Real Estate Deals
Competition is stiff among real estate investors. There are a lot of properties out there but you'll be left out if you have financing problems. You've got to have an ace to win over your competitors. Do you want to know how? The best way to close your real estate deals is through hard money financing.
You can get hard money loans faster and easier than traditional loans from banks. Hard money lenders have a different way of processing a loan request, and this is preferred by most investors. When investors apply for bank loans, it usually takes a month before they know whether it is approved or not. Banks take their time in scrutinizing a borrower's credit history. It is a long process.
Hard money lenders,on the other hand, focus on the borrower's real estate project. Your property is the main concern here. If you can convince these lenders that your property can make thousands of dollars, you are sure to get the financing you need. That is all you need to do. Don't get discouraged by your poor credit score due to last year's recession. By making a good proposal, and by making your project a huge success, you can wipe out that bad record of yours.
Another advantage of using hard money loans is the amount of money lenders are willing to give to the borrower. In a rehabber's case, for example, he needs money to purchase the house plus the money for house repairs. If he will use bank loans, most probably, he'll only get enough money to buy the house. That's all. However, in hard money financing, lenders are generous enough to provide the repair cost.
Even though hard money loans have high interest rates, investors are still applying for it. They don't care so much about the interest rates. The reason why they turn to hard money financing is because they need urgent money for their real estate deals. All they need is fast cash so the opportunity of making huge profit will not just pass them by. It takes a positive attitude to succeed in real estate venture. These positive investors who believe that they can pull off their projects are the ones who make thousands of dollars in this business.
Nothing beats cash when closing deals in real estate. Don't let financial constraints ruin your investing career. Hard money financing is what you need.
To learn more about hard money loans, visit RehabHardMoney.com today.
