Whether you are just getting started in real estate investing or you have been in the market for a while, dealing with a traditional mortgage lender is always a headache. Nowadays it is difficult to secure a loan with a bank. Filling out all the paperwork and dealing with the red tape can be a major hassle. Even worse, is when you get the letter in the mail that you have been rejected for the loan request.
Hard money direct lenders may be able to help. You can find a lender that understands your challenges and wants to work with you to help you fix and flip your current property.
How Can a Hard Money Lender Help You?
Faster Approval Times
The average approval from a traditional bank takes four to six weeks. By contrast, a hard money lender can approve your loan within five to seven days. This is a valuable option if you are a real estate investor that needs to fix and flip a property quickly and cannot wait 45 days to start the project.
Mortgage companies do not provide any flexibility. When it comes to hard loans, however, you can negotiate the terms of your loan with a direct lender. Having a little negotiating power gives you the ability to establish terms that you can work with so that you don’t default on your loan.
Banks may require certain types of collateral outside of the property that you have to present to secure the loan. With hard money financing, the property is the collateral for the loan. You may also have options for presenting other assets as collateral.
Easier Application Process
Due to banking industry regulations and laws, banks are required to gather extensive information from you before processing your bank your loan. You are likely to get buried in paperwork, as you fill out form after form. Direct lenders are more concerned about the property than your entire financial portfolio. Therefore, they are likely to give you an asset-based loan, which requires far less red tape.
Hard Money Lenders Are Motivated
Hard money direct lenders know that they have the flexibility that mortgage lenders do not. Therefore, they can be more competitive in working with investors. If you are a serious investor with a strong proposition for a fix and flip property, you are likely to find a private lender who will work with you to ensure your success.
Hard Money Direct Lenders in California
Equity Wave Lending provides hard money loans for investors in cities across California. We offer exceptional customer service, flexible options, and fast turnaround for investors, borrowers, and brokers.
To find out more about how our hard money lending services can help your investment business, call us today at 1-888-399-8881. You can also send a message on our contact page.