A common concern and question we get is whether or not it is possible to get a hard money loan with bad credit or even no credit at all. The answer comes as a surprise to most because loans are almost always mentioned alongside credit and your personal credit score.
A 100% LTV loan is a loan that covers the complete cost of the property being invested in. Traditionally, when purchasing a property you would put down somewhere around 10-30% of the purchase price and use a loan, such as a hard money loan, to finance the rest.
Are you looking for a hard money lender near you? You want one that offers competitive rates with zero prepayment penalties. Prequalification only takes a few minutes online and your funds could be reimbursed in as little as 7 days.
We've learned many things about hard money lenders and the loans they offer since we work with hundreds of them and process tons of loan requests every single week. We wanted to attempt to summarize and share this information because many are new to the hard money lending industry and things can seem a bit complicated and mysterious at times.
It's helpful to know what the availability is for hard money loans in the States you plan to operate in. Eventually, you will want to find a hard money lender near you for your real estate investment.
Imagine you have stumbled upon an exciting real estate investment opportunity. You want to build a property on your land or you want to acquire a lucrative residential or commercial property. The only thing that hinders your objective is financing.
Have you been turned down by traditional financial institutions when looking for real estate investment finances? You should by now be aware that alternatives exist in the form of hard money lenders. If you have resolved to go this way, where do you start? What qualities or attributes should you look for when hunting for the most preferred hard money lender?
Most hard money lenders operate legally and are genuine. Today, almost all hard money lenders sincerely want to assist you grow your portfolio as opposed to taking advantage of you. The following are six top things you perhaps didn’t know about private lenders.
So many hard money lenders put their hard-earned money into risky real estate businesses. They usually do not need to look at your credit score - all they need is a down payment or your equity in an investment. For this reason, you need to be a trustworthy borrower.