People that have been conducting property deals know the benefits and drawbacks for sticking with one lender for too long. Loyalty in business dealings has its perks but you need to be looking out for your interests—sticking to your lender can be costing you.
Switching your loan lender can be more profitable for you. Their product offerings may be better suited to your needs and loan approvals may take shorter time.
To determine whether it’s time to switch loans, ask yourself if your needs are being met. How long does loan approval take? Would it be better for you if loans were approved faster? Is your business being slowed down due to lagging loan approvals?
If you’re current lender is proving to be an inconvenience in your business, it’s best to look for a new lender.
The greatest benefit of private loans over loans given by banks is that they provide more flexibility and quicker service. Generally, private loan offer a win-win situation for both the lender and the borrower.
Consider the following factors:
Flexible Financing Solutions
These are required for a range of portfolio projects. Loans taken out from traditional lenders don’t require much flexibility but by opting for a private money loan, you have access to a much larger, more diverse pool of lenders who are more accommodating to the unique needs of borrowers.
Don’t settle for a lender that isn’t adequately meeting your needs when you can be matched with a lender that’s willing to provide added flexibility.
Communication is imperative in property deals since your ability to make profit is so dependent on the funds of the lender. Look for a seasoned lender who has a good understanding of the market and is devoted to customer service.
Generating revenues by investing in property cannot happen without quick and efficient service. The time you take to make a profit depends on how long each stage takes. This includes everything from initial financing, the approval of the loan and the time it takes to resell the property.
Being quick is crucial in property investment; if the loan approval takes too long, you may lose out on a good property. Regardless of whether you’re purchasing a property to refurbish and sell, or if you’re just looking to rent a place, it’s integral to have a lender that provides fast loan approvals.
Borrowers that are involved in fixing and flipping properties should work with lenders that don’t just offer money but also tailored advice about the market as well as customer service.
Do you require private money loans? You’ve come to the right place! At Harper Financial, we offer real estate investors an array of private money loans such as fix & flip loans, partner buyouts, confirming commercial loans, reaffirmed mortgages and more.
Contact us for more information on our offerings.