SpurlingStockman410
Have you tried all self proclaimed hard money lenders in your town and you're simply unable to find much difference between the guidelines of these lenders and conventional lenders? Are you currently looking for a genuine hard money lender, who could fund you in as less than Seven days without much hassle?
For those who have answered "yes" to above questions, then you've arrived at the best place. This article will help you in locating the answers to your questions within an easy way.
Prior to getting into the discussion zone, let's first deal with the 800 pound gorilla within the room...
So, what are the factors which will make a "real" hard money lender company?
There are several basic differences between the so-called and real lenders, that you simply need to comprehend first. As well as that, there are some solid reasons of selecting a real hard money lender on the false one.
Difference #1 - A real hard money lender isn't interested in your credit history. A real lender will never put a condition that if you do not have a good credit history, you will not get financing. There are lots of hard money lending companies, that will say that they do not worry about your credit but after your day, they'll say that their minimum credit score requirement is 600.
The reason behind this is these lenders are packaging their loans for Wall Street or banks, so ultimately they'll have to conform to any or all the legal requirements setup by these traditional lenders, which can't be afforded by a individual who includes a poor credit history.
Difference #2 - On the other hand, a real lender ONLY cares about your collateral you are willing to invest in. They will get your property evaluated by professional independent evaluators, who will review your property with no preconceive notions. They'll give a cost, repair cost and estimated after repair value (ARV) from the property to the lender and when they think it is good enough, they will fund you there and then.
Whereas, the imposters will put your credit score, job history, salary along with other finances at the top of your finance requirements list before offering you a loan, that is exactly same as conventional lenders work.
This shows that there is a massive difference from a real lender and an imposter.
Now, returning to the primary question, how to find a genuine hard money lender?
The fundamental predicament here is that there are not many of them in the real estate investment world. You can start finding them via internet by looking at their guidelines. I would also like to introduce a precious resource know as DoHardMoney.com to you, which have probably the most easiest hard money loan possibilities online.
