One of the best tools that you have at your disposal when you are looking for a residential property is a residential hard money lender. But, many of us have no clue where to start when beginning the vetting process for a potential lender. Are you dealing with a lender that calls for collateral? What are you planning on using the property for? Will you be able to potentially make a profit off it to pay off your loan? These are just a few questions that need to be asked before you want to take on another expense.
For most of you reading this most likely you are looking for a lender that will give all the money you could possibly need for the property that you are interested in. One of the biggest issues you may run into is time. How much time do you have before this property is off the market? Can you afford to wait until you get your loan? If the answer is no, then you should consider a residential hard money lender. Typically, if you are in dire need of quick cash you can get a loan from a lender in about 10 business days. Banks usually take about 60 days before you are able to receive anything.
Usually, the paperwork you have to go through consumes most of your time. For example, banks generally require more paperwork on the property before considering awarding a loan. A residential hard money lender will not need the same documents to process your loan request. Usually, if you have the deed to the property that you are looking to buy there will not be a lot of hassle. Apart from saving you a lot of time going the hard money route could allow you to receive a loan with bad credit.
Many of us have to come to grips with our financial status in 2017. You may be a recent grad that needs to move out of your parent’s basement. Maybe you and your partner are trying to get that first dream home, but one of you filed for bankruptcy. Having a residential hard money lender handle your loan request could be the best option for you. For example, typically if you were going to go the regular bank route your FICO score would need to be above 700. Can you count on one hand the number of people you know with that score?
We all run into financial hardships, but our credit score should not be the deciding factor on what we can or cannot afford. With a traditional bank, there is also a ton of paperwork that you may have to fill out before you are able to even get your score checked.
If you value your case being taken on personally residential hard money lenders are great
Since many of the lenders are private investors they may not take on a lot of clients at one time. They can provide you with the answers you need in a timely manner. They also could potentially give you more service. For example, if your residential hard money lender is familiar with the are you are looking to purchase they could give you advice on your buy. This is great for people that are looking to move to a new area and have no clue about the current market. If you are looking for a quick lender with less hassle you should look no further.
Dennis Dahlberg Broker/RI/CEO/MLO
Level 4 Funding LLC Private Hard Money Lender
Arizona Tel: (623) 582-4444
Texas Tel: (512) 516-1177
Dennis@level4funding.com NMLS 1057378 | AZMB 0923961 | MLO 1057378
22601 N 19th Ave Suite 112 | Phoenix | AZ | 85027
111 Congress Ave |Austin | Texas | 78701
About the Author: Dennis has been working in the real estate industry in some capacity for the last 40 years. He purchased his first property when he was just 18 years old. He quickly learned about the amazing investment opportunities provided by trust deed investing and hard money loans. His desire to help others make money in real estate investing led him to specialize in alternative funding for real estate investors who may have trouble getting a traditional bank loan. Dennis is passionate about alternative funding sources and sharing his knowledge with others to help make their dreams come true. Dennis has been married to his wonderful wife for 42 years. They have 2 beautiful daughters 5 amazing grandchildren. Dennis has been an Arizona resident for the past 40 years.