Posts Categorized: Hard Money Tips

A bank can take weeks between the time you apply for a loan to the time your loan is funded. This can pose a problem for real estate businesses who need a fast turnaround. Since each piece of real estate is unique, sellers can receive a number of competing offers. Being able to offer quick payment may make the difference between getting the property or losing out. Hard money lenders, however, can approve and fund hard money loans in as little as seven to eight days. Here are five reasons hard money lenders act faster than banks: Shorter Applications Loan applications that private money lenders…
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California hard money loans might be a fantastic device when you’re in a crunch and not able to get your assets from somewhere else. However, hard money lending has its minuses and pluses, but these minuses will diminish when you find a bank whom you trust and with whom you can strike an accommodating arrangement. Here are seven questions you should ask before signing your transaction. 1. What is Your Experience? You’ll need to investigate what the bank has done in the past and who their clients are and were. While most would likely be hesitant to share names, they can disclose to you what types of borrowers…
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Hard money loans in California have several purposes.The property in which one is planning to invest in can be used as collateral against private money loans. To ask for such loans, one needs to be a qualified investor. There are a number of situations when one may need hard money loans, as outlined below: 1. When You’re Doing a Rebuilding Project This project attracts a number of investors because it involves purchasing old properties and refurbishing it in order to sell it at a profitable rate. Such deals are funded by private money lenders in California. Generally, the poor condition of such properties makes it possible…
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Owners of commercial properties have capital needs for varied purposes such as purchases and renovations. In a perfect world, the owners of the property would seek out conventional lenders such as banks and credit unions since they would most likely offer the lowest cost of money. Sometimes traditional financing is not available to the borrower or perhaps the borrower does not want to tie up personal funds to finance the project at hand. In today’s more complex borrowing world, traditional lenders cannot fulfill all of the needs of commercial borrowers. Often these borrowers look to private lenders to move their projects along. On the surface,…
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