Four Reasons Why a Hard Money Loan Might be Right for You
Hard money loans are the way to go if you don’t qualify for one from a bank or credit union. Private lenders, or hard money lenders, offer an alternative means for people to get the loans they need to finance their real estate dreams. At AHL Hard Money Network, we understand that conventional loans aren’t always accessible, so we’re here to fill the gap. Here are four reasons why a hard money loan might be right for you.
You Need the Money Immediately
Real estate investors know that the market is competitive, so closing deals as quickly as possible is crucial to success. Conventional lenders require a fair amount of time to process your claim and complete the underwriting. Offers with the shortest closing time are always favored by real estate investors. They don’t want to hassle with complicated paperwork and delays. Hard money lenders help you bypass this problem. The entire contracting and underwriting process is less intense than traditional methods.
You Have Bad Credit or None at All
Some private lenders will give loans to people with less than an ideal credit score or those without a credit history. Conventional financial institutions won’t give loans to people in these situations. You can turn to us at AHL Hard Money. We can help you reach your dreams with a range of loan options.
Flexible Terms and Conditions
While you will have to sign a contract, there is a lot more flexibility in the terms and conditions. You can choose from two popular hard money loans:
- Fix and Flip Loan – You can use this loan to gentrify an area while minimizing your personal contributions right from purchasing all the way through to reselling.
- Bridge Loan – You, as the borrower, have to fund a portion of the purchase price for this type of loan. It has a 6 to 18-month term. You may find an interest payment guarantee included in your hard money loan contract. It’s to ensure the private lenders get some of their money back.
Most real estate investors and deal brokers don’t bring in a steady income because they work on commission. This inconsistency makes it difficult to get a loan from conventional places. They focus on the income, whereas a hard money lender looks at the potential equity and income the investment may offer in the long run.
A hard money lender will help you get the cash you need to make your real estate investment needs a reality. At AHL Hard Money Network, we can help you whether you have good credit, bad credit, or none at all. Contact us today by completing the contact form below or calling us at 813-516-5210. One of our skilled lenders will be happy to answer your questions. Get started with your real estate investment dreams today.