Finding the Best Hard Money Mortgage Lenders
What sets certain hard money mortgage lenders apart from the rest of the industry?
This question can be approached from several different angles, but most importantly, the key trait of a sound lender is functionality. You can find a rock bottom interest rate for a real estate loan, but if the process takes 3-6 months, what good with that capital do you once it’s finally disbursed? In many cases, properties are being assessed by several potential buyers, meaning that the first one to show up with the capital gets the deed!
But, even with this fast pace in mind, one shouldn’t haphazardly choose their hard money lender. Instead, prudence in the researching of such organizations BEFORE viewing properties can save weeks of application time, while ensuring that you have the right lender for your particular real estate strategy. To assist in this arena, we outline a couple of traits that simply CANNOT be overlooked when choosing a hard money firm:
(1) Online Resources
It’s often said that if you aren’t online, you don’t exist in the modern world. This is a valid claim, but it takes much more than just a website. When you are researching lenders, do they have online tools?Perhaps a blog or other informative resources to exhibit their expertise, while shedding some light on particular trends in the industry? If so, you have likely discovered a reputable organization that understands modern business.
Ready for another catch phrase? Try this: “The best ability is AVAILability.” Respected lending houses will provide a variety of contact points, in an effort to meet the needs of the modern real estate investor. Calling and emailing are obvious norms, but can you research their key players on social media outlets? The more points of contact, the better!
Hard money mortgage lenders play a prominent role in today’s marketplace, but don’t be lured into thinking that they are all the same! Instead, keep these two traits in mind, while conducting your pre-
shopping research – you’ll be glad you did!