Having a hard money lender is a great alternative to banks and traditional mortgage lending. Hard money lenders do not require a lot of documentation needed by banks and mortgage companies and can lend you money very quickly. They can lend money for all types of services but usually specialize in lending money to purchase investment properties.
An alternative to banks and Mortgage companies
Hard money lenders are e a great alternative to banks and mortgage companies. Mortgage loans and other various types of bank loans require a lot of documentation and paperwork. This is not true with hard money lenders who usually only require a minimum amount of paperwork and documentation.
Great for real estate investors
Most real estate investors choose to use hard money lenders to purchase real estate. These types of loans are especially useful to investors who want to purchase an investment property and sell it very quickly. This is called a “fix and flip” . Because I am also a Mortgage Broker by trade, I am very familiar with hard money companies and l have used them for my clients and investors to purchase investment properties. If you are looking to purchase real estate investment property very quickly, they are a great resource. They will also fund the rehabilitation cost needed to fix and upgrade your property so that you can resell it or rent it out.
Use your Real Estate investment property to qualify
Another advantage to using a hard money lender is that in most cases you do not have to qualify using your personal income. You can qualify to purchase real estate property using the equity in the property that you are purchasing. This makes qualifying to receive a loan more convenient than having to go to the banks which can sometimes have very strict guidelines. They can usually help you receive money for real estate purchasing within a short amount of time as opposed to banks and mortgage companies loans which can take up to 90 days or more.
They can lend on many types of properties anywhere
Hard money companies lend on many types of properties as well. They can land on residential properties as well as commercial properties. They can also lend in your local city and state or any state or city you choose. There are many hard money companies to choose from. If you are in the Houston area, you can use a Houston Hard Money Lender.
A loan is based on real estate equity
Many investors choose to use a hard money company because their real estate property has a lot of equity. Hard money loans are usually based on the equity in your property. By using your property to qualify you do not have to use your personal income to qualify for your loan. This is a great way to purchase your property if you do not want to loan money from a traditional bank lending institution or mortgage company.
Receive money to purchase your real estate quickly
Another advantage of using a hard money lender is time. They can usually fund your loan within 15 days as opposed to the traditional mortgage companies or banks which can take up to 90 days. Some hard money lenders may have different guidelines, but they can typically fund your real estate purchase in 15 days or less. I am a mortgage broker in California and there are great hard money companies here as well as in Houston. Many of my clients and investors use hard money lenders for their real estate purchases and you should consider using a hard money lender as well if you need to purchase a real estate property. You will be happy you did.