22 Aug 3 Good Uses for a Hard Money Loan
The hard money lending industry is fast becoming a premier option for achieving real estate owning dreams that were once thought impossible. Gone are the days where shady, fly-by-night lenders charged unfair interest rates and astronomical fees to those in need of quick money.
Today, experienced, educated, and trustworthy hard money lending companies help clients in many different types of situations realize their property ownership dreams.
How can you know if a hard money loan is right for your individual situation? Here are three good uses for a hard money loan.
When You Want to Buy a Home
If you’re in a situation where past financial woes prevent you from qualifying for a traditional mortgage, a hard money loan may be right for you. Past foreclosures and bankruptcies don’t automatically mean you can’t purchase a home for your family. Since reputable hard money lenders use different loan qualification parameters, you may qualify for a mortgage to purchase a home regardless of your past credit history. Read a hard money lending guide in order to find out more about how hard money lenders can help you qualify to purchase a home regardless of your past credit history.
When You Want to Get Started in Real Estate Investing
Real estate investing requires many different building blocks that investors must put in place before they can begin their business building dreams. One of those building blocks – education – is readily available at your local library, and at no cost to you.
Possibly the most elusive building block that potential investors need in order to begin owning real estate investment properties is cash. Traditional mortgage companies often require spotless credit, hefty cash reserves and astronomical down payments in order to finance real estate investment properties.
Quality hard money lenders have the experience and ability to look past traditional lending parameters and analyze a borrower and a property not just based on the numbers, but with the dream in mind. Since big money lending is their business, hard money lenders are not intimidated by your real estate investing aspirations. Instead, they have the necessary experience to work with potential borrowers to help make real estate investing dreams a reality.
When You Want to Buy a Commercial Property
If you’re a business owner and you need a commercial property to house your business in, or if you’re searching for a commercial property to add to your real estate investing portfolio, a quality hard money lender could be the perfect business partner for you. Many experienced hard money lenders make loans for up to 15 million dollars, meaning that no commercial real estate property is beyond your investment vision. Whereas traditional lenders are often unfamiliar with what it takes to be a successful commercial property owner, hard money lenders that specialize in commercial loans will help you to be sure that your commercial property ownership visions and plans have the greatest chance of success.
Don’t leave your property ownership dreams to just any lender. Instead, be sure to choose a hard money lender that has the experience and the capital needed to source your property ownership venture.
This article was provided by Inca Capital – a premier hard money lender in Arizona