When you are in the market for a loan, it’s important to understand all of your options. There are many different types of loans available, and each one has its own benefits and drawbacks. One option that you may not have considered is a hard money loan. Here are a few reasons you may need a hard money loan.
1. A Traditional Lender Has Turned You Down
It can be frustrating and disheartening when you are turned down for a loan from a traditional lender. You may feel like you will never be able to get the money you need. However, there is hope. A hard money loan may be the solution you are looking for. These types of loans are often easier to qualify for than traditional loans because they are based on the value of the property you are using as collateral, not your credit score.
Hard money loans offer a great deal of flexibility that you may not find with other types of loans. For example, you may be able to negotiate a shorter loan term or get an interest-only loan. This can make repaying the loan easier and help you free up cash for other investments. In addition, hard money lenders are often more willing to work with borrowers who have less-than-perfect credit.
3. The Need for Speed
With a hard money loan, you can often get the money you need in a matter of days or weeks. This is much faster than the months it can take to get a traditional loan. If you are looking for a quick and easy way to get the money you need, a hard money loan may be right for you. Also, if you are in a time-sensitive situation, such as needing to purchase a property before it goes into foreclosure, a hard money loan can be a lifesaver.
4. The Ability to Invest in High-Value Properties
Hard money lenders are often willing to lend more money on high-value properties. This can be a great option if you want to invest in a property or property renovation outside of your reach financially. According to studies, hard money lenders can cover up to 100% of renovation expenses and issue the funds in a series of draws. With a hard money loan, you may be able to get the money you need to make your investment dreams a reality.
As you can see, there are many reasons why you may need a hard money loan. If you are looking for a fast, flexible, and easy way to get the money you need, a hard money loan may be right for you. Contact us today to learn more about hard money loans and how they can benefit you.