Today when people hear of a hard loan, they start to worry about the high charges. Most people perceive a hard money loan to be a way in which money lenders rob people of their wealth. One of the ways they do this is by planting ideas that a loan is easy to obtain all while imposing great loan rates with a short amount of time to pay it off. Further, such loans often require that the loan include a type of collateral which was the borrower’s main investment, initially. Well, this is not necessarily the case today. There are many licensed hard money loan lenders that are genuine and whose sole purpose is to see you prosper and succeed for a life long-term relationship. They differ from one state to another and have different ratings based on their services and success. If you live in San Diego, the best in the market are easy to find. Hard Money Lender San Diego have an A+ rating from google and yelp for their efficient customer services. The main question that people ask themselves if they really need the hard money loan or not? Here are some of the ways to know if a hard money loan is right for you:
- The investment urgency. Most of this loans are used by real estate agents to make or repair investments that will be later used to pay off the loan by selling it a profit. If you have an urgent project at hand that cannot wait for the bank processing of the documents, hard money loan is the solution for you. The hard money loans are easy to process as they require less verification documents and with investment analysis and as collateral, you are good to go. The loans act as an emergency saver when you have a client or many clients but the investment is in poor condition and you need capital to raise the value.
- If you have a bad credit. If you have a poor credit or a low credit score in that you cannot qualify for a bank loan, there is great news for you. Hard money loans requires no credit scores or information. The documents required are only for identification and collateral. How you present your ideas before the lender will be the determinant of how much you will get. You need not fear about bad credit losing you the chance to have a loan. The credit scores play no role in verifying if you qualify for a loan or not.
- If you have a good plan but no capital. There are so many young and innovative minds that has marvellous plans on how they can make their lives better, the world and the economy while they are at it but they lack the funds to do so. You can qualify for a loan by presenting your idea well to the trusted lenders and show them on how this long-term investment can bring profits that will clear your loan and gain you profit. It doesn’t require you to have a stable source of income, all the lender wants to see and hear is how his or her money will be repaid back.
Hard money lenders impose a high rate because of the risks they take when investing on a promise. There are so many lenders but you should ensure you carefully vet them before committing to one.
{ 0 comments… add one now }