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Needy for Hard Money

 

To get into the property some investors use hard money after knowing that you can buy a property and turn it quickly at huge profit, and you can’t get a standard mortgage, it might be one way to go., do some quick fixes to raise the property value Developers and house flippers, need it often you can often borrow up to 100% of your purchase price

 

Others will use it to fund deals because! On the other hand, hard money lenders will frequently require you to back up your loan with real assets.. get a new loan is doing some quick fixes to raise the property value, then (based on the property’s new, improved value) from a bank to pay off the hard money lender..

 

Easily accessed hard money loans are cut through the red tape for new world of success. If you have communication with a LOCAL hard money lender, you can get funds within a couple days, with no appraisal or other costs (except for origination fees of course).

 

The beauty of HML’s is that the loan is normally not based on your credit score (especially with local lenders) or at least not on your credit worthiness (assets and income), you can receive funding within a matter of days (normally about 7-14 days) rather than 30 days+, and you can get a loan on any piece of junk that you find. You also are not normally dealing with a processing team.

 

You deal directly with an individual lender. If he or she says yes, then you have the loan. This is quite advantageous versus going through an entire loan committee process or underwriting process.

HML’s on longer term investments are not a good idea, but for short term flips, rehabs, or for the initial purchase, they can be a very strong tool.

 

I started my investing using HML’s, and have made very good money using them. I now use mostly a line of credit from the bank, but it took me several years to work into that. I also now do some local hard money loans to other investors.

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