When it comes to needing to secure financing for your business, hard money lenders are there to guide you through the process. They can help you find the loan you need and fast – read on to find out how.
When you think it might be impossible to get your loan approved in time to finance an investment property you have your eye on or get over a foreclosure property, it’s time to readjust your thinking. With the help of these professionals, you can get a loan fast and just when you need it for your business or investment.
You need to understand that there may be some challenges and situations that you will need to handle when working with lenders, and that there are some are work specifically in certain areas. For example, commercial hard money lenders work exclusively with one property type so you may end up working with lenders that focus more in property niches. If you’re looking for this type of loan, make sure the lender you choose deals with the specific market or property niche that you are in.
Property types that hard money lenders can typically assist with include foreclosures, fix-and-flip properties, short sales, construction loans and land loans. They can also help if you need to relocate your business in a very short amount of time, and when potential buyers’ credit applications are less than desirable.
Understand that hard money lenders are not conventional bank lenders.
With traditional bank loans, the application process is lengthy, sometimes difficult and there is a lot of “red tape” involved. If you’ve already applied for a traditional loan, or know that you won’t qualify for a loan from this type of lender, based on your credit score or history or other issue, then seeking an alternative is the answer.
Finding the right lender is an important first step in successfully obtaining financing.
When you’re in a position to know that you need this type of lender, you need to find the right one for you and your needs. You can start your search online, for lenders in your area that focus on the areas that you need to focus on based on your loan needs or business area. You might be pleasantly surprised by how much good information on reputable lenders that you can find in your initial research. You can also learn more about local lenders by attending seminars that are geared towards how to obtain hard money funding. By attending, you will have direct access to lenders in your area and can speak with them about your needs. They can give you important information about up to date regulations, requirements and answer questions that you may have. These seminars are a good way to network with like-minded people in your industry with needs similar to your own, which is a win-win solution. Once you have decided upon a lender that is right for you, you can make the process quicker by being prepared to prove the amount of equity you have, the collateral you are able to put up and your business plan for the property in question. It’s also a good idea to be prepared to prove how you will be able to pay off the loan.
Broker/RI/CEO/MLO
Level 4 Funding LLC Private Hard Money Lender
Arizona Tel: (623) 582-4444
Texas Tel: (512) 516-1177
Dennis@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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