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When you need a quick loan for a sizeable buy and you don’t have the resources or the time to get a bank loan, dealing with a hard money direct lender may be the answer for you. There are a variety of companies made up of investors that specialize in hard money financing. Working with a hard money direct lender will cut through much of the woes of securing a loan.
These lenders specialize in approving loans for a variety of good reasons including hardship cases. Whether you need to expedite a large real estate deal, are purchasing commercial property, or looking to expand your business, you may be in a good position to secure hard money financing.
Most businesses and individuals who have non-conforming loan requests typically experience a denied loan application from banks and financial institutions. When this happens to you, understand that you have a variety of sources to use who are ready to accommodate your loan request.
These opportunities are exactly what hard money direct lenders are looking for. Every borrower is evaluated on their own individual situation. If the deal you are presenting is a good one, the lender will be creative in the solutions they offer you.
By working with a direct lender, you are giving yourself an advantage. This means in many cases that you are dealing exclusively with the key decision maker. The benefit to this is you will get answer, results, and the hard money financing that you require much faster.
This is the attractiveness of hard money loans. The paperwork is streamlined, the process is smoother, allowing you to close your deals or fulfill your financial goals with speed. That is why this is a rewarding option for both the borrower and the lender. As long as your need for the loan makes great business sense and you can demonstrate you have an effective action plan for paying the debt back, it strengthens your chance for getting approved.
You can generally expect an LTV (loan to value) between 50% and 65%. This depends on the type of loan and what category your need falls within. Lenders provide hard money financing for construction projects, commercial ventures, rehabilitation of property, and real estate. They also entertain bridge loans offering money as an interim measure until you are on your feet or attain expected proceeds, income, or yields. A hard money direct lender can prevent you from putting your plans on the backburner and help you move forward victoriously.