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More About Hard Money Loans in Spokane Washington
Not only is Spokane in one of the most picturesque regions of Washington state, but it is also a city with a great deal of real estate potential. This is a place where investors and developers alike can really stay busy finding deals that turn a nice profit. However, there are times when you will find that you may not qualify for a traditional type of mortgage. It could also be that you don’t have the weeks or months that it takes to get a property loan from a conventional lending institution. No matter what the case might be, you will want to look into the possibility of getting a hard money loan from Delancey Street.
Types of Loans to Consider
When you go to look at a hard money loan, it is first important to understand that there are quite a few different types that you will need to consider. Each of these is meant to be short term in nature, so you will want to keep that in mind. In addition, you will find that the application process is streamlined, with funding taking place in under a week in many cases once you are approved.
Here are some possibilities that might work for you depending on your situation:
- A Construction Loan – As its name implies, approval for this type of loan will give you quick access to cash to build a structure on an existing piece of property. Your aim will be to get the project finished quickly and then sell it off or refinance the existing loan.
- A Bridge Loan – You would apply for this type of loan if you have located a piece of property that you want to buy and then almost immediately sell. You may also refinance the loan. Many people also get a bridge loan if they have an existing property that they are planning to sell in the near future. The cash from that sale would then pay for the bridge loan.
- An Owner Occupied Loan – While this might be harder to get approval for, some hard money loans are available to purchase an existing structure that you personally plan to occupy.
- A Fix and Flip Loan – There are good buys all around Spokane, but many of them are in ill-repair. You can use this loan to buy a property cheap, fix it up, sell it at a profit, and then use the proceeds to pay off the loan as soon as possible.
Here’s Some More Information
There are some more details that you might be interested to know about when it comes to hard money loans. The lender, such as Delancey Street, will typically want to see that the purchase is for investment purposes. While it is possible to fund a purchase for a personal loan, that is not typically the function of a hard money loan. No matter what your purpose might be, you will want to talk to a representative from the company to see what option best suits you.
These loans are much different than other types of property related mortgages in terms of the length of time that you will have to pay it off. You are talking no more than a few years with a hard money loan. The goal is for you to get access to quick cash for a property that you intend to use to turn a profit. You will either pay off the loan in as little as a year or refinance it.
If you would like to learn more about hard money loans and the possibilities that they bring to the table, please contact Delancey Street at your earliest convenience.