There are various scenarios where you’d want to strike a deal with hard money lenders instead of traditional lending institutions.
Hard money loans make sense if there are no other financing means. For instance, those who intend to enter the real estate industry but have bad credit and cannot qualify for conventional loans will find higher approval rates with hard money loans. Those who have blemished records or questionable income sources can still qualify because the decision is based on your collateral.
Hard money loans are perfect if you’re on a rush. Acting quick is the secret to success in the real estate industry. However, you can never rely on banks when it comes to speedy application, approval, and fund release. Hard money lenders, on the other hand, provide you with the funds to develop and acquire more projects.
Hard money loans are also perfect for those who are uncomfortable carrying debts for too long. Hard money loans usually last from 12-24 months only, so you get to be debt-free much sooner.
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