When you need cash fast, it’s time for a loan. Fast cash loans are usually handled through private hard money lenders versus traditional banks – but not all lenders are created equal so need to know what to look for.
Hard money lenders can help you get cash in hand fast which can come in handy for real estate investors and small business owners alike. However, not all lenders are as honest and ethical as you'd hope they would be. So there are a few things you should keep in mind before seeking this kind of loan.
First, you need to understand what hard money loans are – short-term loans in which the borrower can generally get cash in hand very quickly, sometimes even in the same day of application approval. When you are looking for a lender, look for someone who specializes in these loans and even within the specific industry or niche that you need the money for. You want to make sure that the lender is licensed. It’s also a good idea to meet with them to ensure they are really going to negotiate the best terms for you. Obviously, they are in business to make money, too, but as a professional they should be looking out for your best interest.
You should also ask questions, such as what types of fees, rates and terms are associated with the loan. Make sure that there are no “hidden fees” that will be uncovered later. You want to be confident that the person that is going to find you the right loan is really intent on doing just that.
Be prepared with what you need to know about the loan – and hard money lenders.
Do your research about your lender but ask questions that you need to know when you meet – about his or her areas of expertise, background, project profiles and any other items you might want to know that will help reassure you that this is indeed the lender that will help you get the loan you need, when you need it.
Be prepared to share what your lender needs to know to be able to help you get the loan you need.
Your lender will need some information, too, to be able to best help you. So bring your business plan, be prepared with your update to date credit history and score information (though in some instances of these types of loans, those won’t be scrutinized as much as a traditional lender or bank might), any information about equity or collateral that are you prepared to put up in the event that you cannot repay the loan, and any other business or personal financials that the lender might need to make an educated decision on how he can best help you get the loan of your dreams. You should also be able to share information about the timeline of your project and be aware of the timeline of the repayment schedule of the loan and if there are any penalties for repaying the loan before the end of the terms.
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.
Technorati Tags: commercial loans,commercial lending,commercial mortgage
No comments:
Post a Comment