Brokers will work with a wide variety of lenders to cultivate deals and finalize contracts. With established relationships, it can be easy to fall into a repeatable pattern, though this isn’t ideal as every client will have specific financial reasons or situations to stay abreast of.
When dealing with a client struggling to acquire a conventional loan, it might make sense to work with a hard money lender. Hard money lenders like Hard Money Lenders AZ can provide certain benefits that conventional banking institutions don’t want you to know about.
Let’s take a closer look at the ways Hard Money Lenders AZ can help you engineer a successful loan.
Embrace the Turbo Close For An Advantage
Working with a hard money lender can provide a series of benefits that conventional banks might not consider mentioning. Hard money lenders can help speed up the closing process when compared to a traditional banking institution. Consider a buyer who offers a lower deal with a 10-day close guaranteed. The seller might be obliged to take the offer, allowing the process to move along. A conventional banking loan requires nearly 30 days on average to close a loan.
Acquire A More Flexible Deal
Bank lenders are notoriously strict, adhering to parameters that are exceedingly difficult to get around. Hard money lenders will have more freedom when it comes to the types of properties that can be financed as well as the investments allowed. A client can propose purchasing a residential rehab or even a cannabis business with a hard money loan, something that might be more difficult through a conventional banking institution.
Explore Cash Offers
Competition can quickly become overwhelming, so when your client needs a solution a hard money loan might get them one. A hard money loan is similar to cash to the seller, providing a simple deal that can lead to fast closing times. A hard money loan can be the perfect way to speed up the deal for both parties while providing for their needs.
Based Upon Your Equity
Finally, it is worth noting that hard money loans are based entirely on the equity of the borrower. A borrower with an expansive portfolio will be able to easily secure larger loans for bigger projects and commercial properties. Hard money lenders like to look at the broadest view of their potential clients to see if the deal has potential and if there is room for profit.
Learn more about hard money loans when you work with Hard Money Lenders AZ. Specializing in commercial hard money and fix & flip rehabs, Hard Money Lenders AZ can help you find the financial deal that makes sense for your investments.
