Have you ever tried all self announced hard money lender in your area and you are not able to find much big difference between the guidelines of such lenders and conventional lenders? Are you in search of a genuine hard money lender, who could fund you in as less than 7 days without much hassle?
If perhaps you have answered “yes” to above questions, then you have come to the right place. This kind of post will help you in finding the answers to your questions in a fairly easy way.
Before getting into the discussion area, let us first offer with the 800 pound gorilla in the room…
So, what are the factors which make a “real” hard money lender company?
There are some basic distinctions between so called and real lenders, which you need to understand first. Apart from that, there are some stable reasons of choosing a true hard money lender over a false one.
Difference #1 – A genuine hard money lender basically enthusiastic about your credit record. A real lender will never put a condition that if you no longer have a good credit score, you won’t get auto financing. There are numerous hard money financing companies, which will say that they don’t attention about your credit but by so doing, they’ll say that their minimum credit credit score requirement is 600.
The reason behind this is these lenders are packing their loans for Wall structure Street or banks, so finally they’ll have to conform to all the legal requirements set up by these traditional lenders, which can’t be provided by an individual who has a bad credit history.
Big difference #2 – On the other hand, an actual lender ONLY cares about your collateral you are prepared to spend money on. They will get your property considered by professional independent evaluators, who will look at your property without the preconceive notions. They will provide a purchase price, repair cost and estimated after repair value (ARV) of the property to the lender and if they believe it is good enough, they will fund you to that destination and then.
Although, the imposters will put your credit rating, job history, salary and other finances at the top of their loan requirements list before offering you a loan, which is precisely same as conventional lenders work.
This shows that there is a big difference between a real lender and an imposter.
Nowadays, returning the key question, how to find a real hard money lender?
The essential problem here is that there are incredibly few of them in the real property investment world. You can begin finding them via internet by looking at their recommendations. I would also like to introduce an important useful resource know as Globalcreditwaves to you, which may have one of the most simplest hard money loan options available online.