Guide to Using Hard Money When You Have Bad Credit
If you have bad credit, all is not lost. You can still receive financial assistance through hard money lenders. For a guide to using hard money when you have bad credit, just continue reading.
For those with bad credit who are seeking investment properties, hard money loans are for you. A hard money loan is a loan where the value is not determined by your credit score, but rather the value of your property. With a hard money loan, a lender evaluates the property you own and lends you money based on their evaluation.
A perk to hard money loans is that they are quick. Unlike traditional loans, you can apply for your loan and receive your money at fast rates. One of the reasons that hard money loans are so fast is because they’re through hard money lenders, rather than banks. A hard money lender can work quicker than a bank.
Hard money loans are perfect for individuals who are struggling with their credit score or don’t have any credit history whatsoever. These loans are also ideal for anyone who needs cash fast, who needs funding for flipping houses, who wants to purchase a home, or anyone who has property that doesn’t qualify for a bank loan.
To receive a hard money loan, individuals should complete the application provided by their lender. Next, they should be prepared to provide documents to their lender, proving their ownership of the property. Sometimes it is required for borrowers to open escrow and order appraisal. If this is the case, the lender will receive the appraisal, as well as a title report, before clearing the application and providing the funding.
If you’re seeking a hard money lender who can help you fund your next real estate purchase, contact AHL Hard Money Network. You can text or call us at 813-516-5210 now!