Hard Money Loan Lenders
Ask any intelligent individual alive today and they would agree that the most valuable commodity available is time. The reason being that it cannot be bought, yet we are always running out of it. When it comes to closing a deal in real estate, time is crucial. One way to gain a competitive advantage amongst other investors/ borrowers is the ability to close a deal quickly. Hard money loan lenders (also referred to as private lenders) offer speed and flexibility in their products, making them a valuable source for financing among borrowers.
Hard money loan lenders are companies offering alternative sources of financing in the form of asset backed loans. They lend short-term capital (also called bridge loans) that provide funding based on the value of the real estate acting as collateral. Hard money loan lenders typically to focus on the value of the collateral property rather than the borrower’s ability to repay based on their own personal income or assets, as is common with conventional lenders. Hard money loan lenders typically charge much higher interest rates than banks because they deal with the added risks in funding loans that do not conform to bank standards such as verification of borrower’s income, assets, or credit score.
Hard money loan lenders take into consideration a number of factors when deciding how much they will lend including the loan to value, what type of property (commercial, residential, multi family, land, etc..) and minimum and maximum loan sizes. Hard money loans are a very useful tool in any property investor’s kit. Using hard money as a financing option allows investors the opportunity to close deals and move ahead with their real estate ventures.
Contact the specialists and hard money loan lenders at HML Investments today for more information about applying for a loan today.