Why are Hard Money Loans Great for New Real Estate Investors?
Getting into real estate? Real estate is a profitable industry, but you need money to make money. If you’re just getting started and in need of funds, consider a hard money loan. Here is why hard money loan are great for new real estate investors:
A hard money loan is an alternative to a traditional bank loan. While bank loans require an evaluation of your financial circumstance, hard money loans require an evaluation of your assets. A new real estate investor may favor a hard money loan because it’s quicker to gain approval for a hard money loan than a traditional bank loan. A hard money loan application can take just days to get approved, while traditional bank loans can take months.
Additionally, hard money loans don’t require a favorable credit score or strong real estate history. When applying for a bank loan, banks look at your credit history, your debts, your loans, and so on. This can make things more difficult for new real estate investors who don’t have a well-established real estate history. Meanwhile, hard money loans look at your current property, so your real estate history doesn’t matter as much.
Those who have been trying to gain approval for a traditional bank loan already know it can be easy to exhaust your resources. Don’t get discouraged. Instead, opt for a hard money loan. There are more hard money loan lenders out there than you may think. Connecting to a hard money lender is easy. If you’re a new real estate investor and you’re trying to connect to a lender in your area, check out AHL Hard Money Network. To learn more about what we have to offer, give us a call at 813-516-5210 today!