Hard money lending is an extremely popular form of short term financing for real estate investors looking to fund fix and flip, new construction or any projects outside of traditional lending “boxes.”
Traditional mortgages tend to place the most importance on the borrower’s credit score, but hard money loans place more emphasis on the value of the asset involved in the specific investment. A hard money loan is primarily used as a source of leverage for real estate investors looking to maximize their capital or as a source of financing that can be available quickly in order to capitalize on a time sensitive investment opportunity.
Hard money can be a confusing topic for new, and even some experienced real estate investors. To make things easier, we’ve put together a short list of some of the most common hard money loan questions that we answer on a daily basis. What is a hard money loan? How can i qualify? Find the answers here.
When you have been around this business for as long as we have you see virtually every possible lending scenario and receive virtually every possible question. Below is a list of the top 5 questions we hear most often
- Does credit matter for hard money lenders?
- What is the typical length of a hard money loan?
- What kind of interest and points are involved?
- Will the loan cover repairs if I am trying to fix and flip a property?
- Do I need to bring my own money to the table?
Are you ready to go vertical now and the bank is still asking you a bunch of neurotic questions that have nothing to do with loan safety? For more than 30 years we have been funding real estate private money financing of all kinds for clients who want to build wealth. Time wasted digging up reams of unnecessary documentation for traditional banks can be frustrating.
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