Hard Money Loans
A hard money loan is a type of private loan that can be great for those who are in need of capital for their next project and offers benefits that traditional bank loans can’t offer. Learn about hard money loans and their benefits in order to have a better understanding if this is the right loan type for you.
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What Is A Hard Money Loan?
A hard money loan is a private real estate loan that offers a short-term loan period and is typically secured by real estate. They different from standard bank loans as the capital comes from private lenders instead of a bank or a credit union. The value of a hard money loan can vary from $50,ooo to upwards of $10,000,000, but this depends on the individual and the private real estate investors they are working with. Typically individuals and corporations will work with a hard money lender instead of a bank because the hard money lender is able to offer them customizable rates and much faster closing times than the traditional bank.
If you are an individual or a corporation who are looking to start a residential or commercial real estate project but need fast capital, then a hard money loan is perfect for you. A hard money lender can help you get the capital you need in order begin your project or the cash flow you need to stay a float while you await permanent funding.
What Are The Benefits of A Hard Money Loan?
The main benefit of a hard money loan is how quickly the individual or corporation are able to get the capital they need compared to a traditional bank that can take multiple months to receive funding. Hard money loans are from private lenders who are able to move much quicker and can often close deals within a few days. Other benefits of hard money loans are:
- Loan rates and deals can be customized to help make deals perfect for both parties.
- Capital is funded much quicker than a traditional bank loan.
- The funding process is much less formal as you are working with private lenders instead of commercial bankers.
- The entire loan process requires less paperwork and back and forth discussion.
- There are a multiple different types of hard money loans which can be flexible for each specific project.
Do I Qualify For A Hard Money Loan?
If you have looked into getting a traditional bank loan you might not qualify as they require a thourough background check, you must have a high credit score, and many other requirements. A hard money loan doesn’t have the high qualifications that a traditional bank loan has. It is possible to get a hard money loan with a low credit score as the loan is coming from a private hard money lender.
A traditional bank loan will require weeks of discussion, piles of paperwork, and has a lot of stipulations, but a hard money loan is a much easier process for both parties. Often times bank loans require extensive business plans and 10-year plans in order to be accepted, but the requirements for hard money loans are much lower. We highly recommend that you use our application form below to get a quote and get in contact with out network to see how our hard money lenders can help you.
Other Types of Private Real Estate Loans
Our network has years of experience working with a wide variety of different private real estate loans. There are different types of loans that a great for different types if projects and ventures. Learn more about other hard money loan types.
Our network of lenders will provide hard money loans nationwide! Our team has experience working in all 50 states in the United States. This means that no matter where you live or where your real estate property is, then our network can help you receiving funding as quickly as possible.
Even though we provider loans nationwide, below are a few of our most popular locations:
Apply For A Loan Quote
Fill out the form below for a free loan quote and to learn how our private lending network can help you with your next project.