Dealing With Hard Money Lenders in Orange County
You need to have a steady source of funds in order to invest in real property. It would be very difficult to get the financing you need if you aren't eligible for a bank loan. Hard money lenders can be a great alternative to banks and traditional lending institutions because they are always available to fund real estate investors who need financial assistance.
These hard money brokers offer hard money loans, or HMLs, as a form of financing. HMLs are asset-based, and hard money lenders base the decision on the property's after-repair value. They will lend money to clients if the property is attractive enough.
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Credit checks are unnecessary because HML is asset-based. These lenders will lend to investors regardless of their credit score. He doesn't need to provide documentation, credentials, or other evidence of financial stability. It is easier to negotiate with hard money lenders than with institutionalized counterparts.
You don't need to wait in long lines to speak to the person responsible, unlike when you apply for bank loans. A difficult loan processing team or panel is not something you have to deal with. An investor does not have to wait for weeks or months to see the outcome of his loan application. An investor can have his eligibility assessed by a lender of hard cash and receive a decision within days.
HML lenders don't have a storefront office, unlike mortgage companies and credit unions. HML lenders don't advertise with neon signs or flashing lights. Asking around is a great way to find them. You never know, your neighbor may be willing to lend you hard money.