For a serious real estate investor looking for great flexibility and speed, hard money loans should be a top priority. Despite the fact that they attract higher interest rates, hard money loans have over the years helped to greatly accelerate the real estate market.
Sometimes, as an investor, you might not stand out as an ideal candidate for a loan from conventional lending institutions. In this case, considering hard money loans could be your last resort.
Here are three reasons why these kind of loans could actually help boost your business growth.
1. Fast Approval
To get a loan from banks and other mainstream lenders, you have to go through a long and often frustrating approval process. Although the prospects of getting a loan are very dim, you still have to fill pages of paper work and wait for a long time before getting the first response. By the time you get the loan, the business opportunity you were hopping to fund would have been irrelevant,
The same cannot be said for hard money loans. In fact, after filling out a standard loan application, you only have to wait for about 2 weeks or less before your loan is approved.
2. No need for good credit score or stable income
Credit score and income history makes for the two most fundamental criteria for qualifying for a standard loan. You might be perfect with the other requirements but if these two do not tick all the right boxes, you might as well forget about the loan.
But you don’t have to worry when it comes to hard money loans. The core focus of this kind of loans is the value of your assets rather than the credit or income history. If your lender is contented with valuation of the property and its equity, everything else becomes irrelevant.
3. Great Flexibility
It is very hard to imagine a situation where conventional lenders and flexibility are on the same side. Apart from the fact that you have very slim chances of getting the loan, you will often get far much less than what you wanted.
If you are looking for great flexibility, hard money lenders should be your first priority. You will great support and expert advice to make your real estate ventures more successful.
LBC Capital LLC, has been helping real estate investors get hard money loans fast and in a highly flexible manner. Call us today or visit our Los Angeles Hard Money Loan Office and we will help make your business a great success.
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