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Carrollton-Texas Hard Money Loans
Hard money loans are for everybody, but there are a few situations in which investors stand to gain the most from hard money loans. Whether you need quick cash or you’re just looking at all the options for financing your investments, hard money loans might be the solution you need.
Who are Hard Loans for?
If you find yourself in the following scenarios, going to a hard money lender is likely the right choice for you:
- You’ve looked for funding everywhere else and have been turned down.
Investors that work in the real estate industry are used to the “try and try again” mentality. Even if an investor may technically meet all the requirements for other financing options, they may still fail to qualify for the funding they need.
If you find yourself in need of financing with nowhere else to turn, hard money loans are for you. Instead of applying and waiting just to be turned down again, find a hard money lender in your area to set up a consultation with.
- You’re working on your credit and you aren’t in good financial standing.
Credit scores and money lending don’t have to be mutually exclusive. If you’re working on rebuilding your credit, you’ve likely been turned down by the more traditional financial institutions.
Thankfully, hard money loan lenders are their own private institutions and tend to focus on what you bring to the table, rather than what numbers are on your credit score. If you have the collateral and can make the down payment, most lenders will be happy to loan you the capital.
- You are trying to purchase a property and need financing immediately.
Fast financing is the name of the game with hard money loans. This is invaluable for real estate investors that have to act on a property almost immediately. If you need access to funding to move forward with your investing plans, the hard money loan is a valid option for your business.
- You need a loan for a short period of time.
As more popular financing options are quite lengthy (think of the 30-year mortgage), hard money loans are only given for very short periods of time. Most lenders’ loans last up to a few years, with some lasting only a few months. Most people that are investing in real estate (like the fix-and-flippers) like to move quickly. Hard money lenders know this and are happy to work with financing your renovation purchases.
- You need a customized loan that other lenders don’t provide.
For many real estate investors, each property purchase is a unique deal that comes with its own set of stipulations. If you find that you need a specific loan agreement to meet your specific needs, it is better to seek out a hard money lender. While banks and other financing alternatives may be able to provide you with the funds you need, they rarely diverge from giving out traditional loans, like a standard mortgage.
With a hard money lender in Carrollton, Texas, you’ll find that they are willing to discuss customizing a loan that will allow you to pursue your unique real estate ventures, regardless of how conventional your situation may be.
- You’ve used hard money loans before.
Many investors choose to work primarily with hard money loans as they’ve had success with them in the past. As these loans provide guaranteed funding, real estate investors can carry on their businesses with a level of consistency that wouldn’t be possible if they lacked the same access to cash.
As you review the many situations that qualify for a hard money loan, you may find that your investment venture is the perfect fit. If you’re ready to move forward with this fast financing, what better time than right now?