Banks are reluctant to offer funds to their clients. They have strict rules and limited options for lending. Hard money lenders can offer funds in much more fluid and functional ways.
Here’s what banks don’t want you to know about hard money loans.
What Banks Don’t Want You To Know About Hard Money Loans
Banks don’t want you to have hard money loans because they can compete with traditional loans. Here are the big secrets that you should know in order to take advantage of hard money loans.
1. 5 Day Closing Times
The biggest secret about hard money loans is the closing time. These loans can close in as short as 5 days. You can apply for a hard money loan and have cash in hand by the end of the week.
This is a major contrast to traditional loans, which can take weeks if not months to clear. It is difficult to get the funds you need with traditional loans. Hard money loans offer responsive funds when you need them.
2. Flexible Options for Every Project
The number of housing projects has been on the rise in the United States. This means that there are a diverse set of projects ranging from new construction to house flipping and more. Each of these projects needs funding, but traditional lenders often struggle to get money into these projects.
3. Options for Cash Offers
Hard money loans are closer to cash in hand than other types of loans. This is attractive to clients, contractors, and sellers alike. Hard money loans move faster than other types of loans which allows you to quickly process deals and get your projects moving.
4. Higher Loan Limits
Conventional lenders have strict limits about loan amounts. Hard money loans are based solely on the collateral that the loan is based on. This means that hard money loans have a much higher loan limit than traditional loans.
How to Get a Hard Money Loan
The application for hard money loans is easy and straightforward. You can quickly apply for a loan and get funds in as little as five days.
The best results come from the most trusted hard money lenders. They can quickly analyze your project and offer you a competitive loan that will get you the funds you need to complete your project. Hard Money Lenders AZ can help you get the cash you need to complete your project.
