One thing most consumers don’t get an education during their formative years is financing. Each year, millions of dollars are racked up in debt, and many people struggle to get them paid off in order just to get their heads above water. However, there is a way to obtain financial help via a hard money loan.
A hard money loan usually comes from an individual lender or private financial institution. The money is obtained by backing the loan up with an asset, such as a piece of real estate. It’s a great way to bypass typical lending institutions such as banks or credit unions.
First and foremost, hard money loans are great options to explore once you’ve exhausted your search in attempting to obtain a loan by traditional means. Now, we’ll go over some of the distinctive advantages that they offer.
Have you ever attempted to get a loan through a bank or credit union? It’s a long and drawn-out process, and sometimes, you can’t afford to wait for your money. A hard money loan is a great way to get your funds in a timely manner.
If you think the process of waiting is long, then the necessary paperwork itself can be a stressful process. A hard money loan requires much less paperwork for all parties involved, as you’re using an asset as a form of equity to secure it.
One thing that people don’t realize is that applying for a loan has a direct impact on your credit score, and being turned down can actually lower your FICO rating. A hard money loan has absolutely no impact on your credit, as the asset determines how much you’re eligible to borrow.
If you owe a considerable amount of debt and it’s adversely affected your credit score, there’s a very good chance that many financial institutions will be less willing to work with you. A hard money lender is usually willing to work with people who represent a higher-than-average risk.
If you’re currently in a financial bind or struggling with debt, the AHL Hard Money Network can help. We can get you the money you need for immediate and complete debt consolidation. For more information, give us a call at 813-368-9919 or fill out the form on this page.