- Residential Hard Money lenders are not always discussed at length, as many investors and borrowers are more interested in all things commercial. However, that does not mean there will never come a time for residential hard money lenders, so let us go over what you should know.)
For starters, when it comes to dealing with residential hard money lenders versus the bank, you will quickly see those differences. For example, banks typical require quite a bit of documentation such as proof of income, credit score, appraisal, financial statements and so on. Yet, when dealing with residential lenders and hard money financing you need a lot less. This means if you show up with residential real estate assets in tow (not actually in tow) and have pretty much everything you need to start the approval process.
Moreover, with residential hard money financing, you do not need to meet any minimum FICO scores requirements or pay any upfront fees. Lastly, you will typically receive your hard money loan for a residential property within 10 business days versus your standard 60 days or more with a traditional loan/mortgage. Thus, as you can see, there are many reasons why an investor or a borrower would consider working with a residential lender that offers hard money financing.
Managing Your Expectations with a Residential Hard Money Lender
Nevertheless, it is still important to manage your expectations when dealing with these particular lenders. You may think since there are a variety of California-based lenders that offer residential hard money financing all you need to do is show up and sign. Well, the reality is residential hard money loans have a time and a place. In other words, you need to make sure that your particular investment or project is right for this kind of financing. Of course, any lender will be glad to help you determine if you should proceed with residential hard money. However, if you are like most people you may want to know ahead of time if you should be working with a different lender or a financial institution.The Real Deal Residential Hard Money Lenders
Consequently, here is something you should definitely keep in mind when determining what kind of lender you should be working with. Above all else, it is important to note that residential hard money financing is appropriate in a variety of scenarios such as impaired credit, liens or judgments, time constraints, pending foreclosures and Foreign Nationals—just to name a few. Thus, if you are still interested in your residential hard money options, it helps to focus your lender search on niche lenders that can meet your needs (whatever they may be) and vice versus.Dennis Dahlberg Broker/RI/CEO/MLO
Level 4 Funding LLC Private Hard Money Lender
Arizona Tel: (623) 582-4444
Texas Tel: (512) 516-1177
Dennis@level4funding.comhttp://www.Level4Funding.com NMLS 1057378 | AZMB 0923961 | MLO 1057378
22601 N 19th Ave Suite 112 | Phoenix | AZ | 85027
111 Congress Ave |Austin | Texas | 78701
About the Author: Dennis has been working in the real estate industry in some capacity for the last 40 years. He purchased his first property when he was just 18 years old. He quickly learned about the amazing investment opportunities provided by trust deed investing and hard money loans. His desire to help others make money in real estate investing led him to specialize in alternative funding for real estate investors who may have trouble getting a traditional bank loan. Dennis is passionate about alternative funding sources and sharing his knowledge with others to help make their dreams come true. Dennis has been married to his wonderful wife for 42 years. They have 2 beautiful daughters 5 amazing grandchildren. Dennis has been an Arizona resident for the past 40 years.
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