3 Things to Consider When Choosing a Hard Money Lender in MA
June 2, 2021at9:30 PM
When you embark on wealth growth through real estate investment, you’ll soon discover (if you haven’t already) that traditional lending through a bank isn’t ideal. This is because banks don’t provide financing for common investment strategies, such as for fix and flip properties, bridge loans, or rental property investments. Instead, you need a hard money lender that understands common investment strategies. The right lender can help you make a profitable exit from a property and build the foundation to thrive financially.
When choosing a hard money lender in Massachusetts, take time to research the company and keep these three factors in mind.
#1. Does your loan product serve your needs?
Once you step outside the traditional banks and standard mortgages, there’s a wide world of hard money lenders. You want to work with a company that not only offers loan products relevant to your needs but has extensive experience with them. In addition, a good hard money lender will work alongside you from initial approval through the loan’s term to pay off.
For real estate hard money loans, you want to find a lender in your area. Most will want to inspect the property before approving the loan to determine the amount of equity, which is their protection against default.
Before shopping for a hard money loan, decide what kind of investment you’re looking to make in real estate. There are different loan products for residential and commercial properties. Fix & flip requires buying a property for cheap with a rehab loan to fix it up and sell for a profit. Decide if you’ll be working on a single property or multiple properties at once.
#2. Does the Massachusetts hard money lender have your best interests in mind?
With a traditional mortgage lender, you spend a lot of time with them during the application process. But after closing, your contact is limited to making mortgage payments for the loan duration. Things work a little differently with a hard money lender.
You can develop a long-term relationship with a hard money lender who has your best interests in mind. That relationship is essential to growing your real estate enterprise because future financing will be faster––and more effortless.
The Harper Financial founders aren’t just hard money lenders in Massachusetts; they’re individuals with experience in real estate investment. They act as mentors and help borrowers make sound investment decisions. The right hard money lender will help you grow your business to thrive in the future.
#3. Work with a direct lender instead of a broker.
Some hard money lenders don’t own the mortgage product but operate as brokers between their clients and lenders. Brokers offer benefits in some situations because they can shop around for the best loan terms possible. But for investment lending, you want to know the people who own your loan and develop a close working relationship with them.
Harper Financial doesn’t just work for its clients; we work with them to help them build success. We offer quick approval within 48 hours to enable our clients to act fast on investments. For traditional lending, we operate as a nationwide commercial mortgage broker.
Work with the experienced hard money lenders in Massachusetts, Harper Financial.
At Harper Financial, we get to know our clients and customize our mortgage products and hard money financing options to help them achieve their goals. Our top priority is always providing profitable exit strategies to our borrowers. We’re the hard money lenders Massachusetts trusts for its custom mortgage products for atypical loan circumstances and general real estate investment.
You don’t have to wait for a decision on your hard money loan with our quick apply online form. For questions and to learn more, contact us online or call us at 508.559.1619.