Harper’s guide: private money lenders for resi. real estate
May 17, 2021at7:00 AM
Investing in property is daunting. It’s often hard to secure financing. If you’re having difficulty acquiring financing, private money lenders for residential real estate are your best solution. At Harper Financial, we supply Boston with the premier alternate real estate financing. Our custom-tailored solutions make lending hard money easy. More importantly, we devise the right loan package for you. We don’t just lend money. We make dreams a reality.
Here’s our guide to private money lenders:
Who are they?
Private money lenders for residential real estate aren’t banks. They provide short-term loans to procure investment property.
This enables them to operate differently from traditional banks. Private lenders offer upfront financing with designated repayment periods. Ultimately, speed and efficiency separate them from banks.
Particularly in business, there’s no time to jump through the hoops banks require. By the time you’ve completed their obstacle course, opportunities will have disappeared.
Private lenders can be individuals or companies. Particularly for fixer-uppers in need of remodeling, it’s hard to get financing from banks. By lending through real-estate security loans, you agree to a set interest rate and repayment period.
However, with private lenders, interest rates are generally higher and loan periods are often shorter. Most importantly, though, private lenders focus on the value of the property and the potential return on investment as opposed to your financial situation.
For those interested in borrowing from a private lender, Harper Financial is your most trusted option. We offer attentive service and a commitment to accomplishing your dream.
When do you need them?
Myriad circumstances make private lenders for residential real estate your most reliable solution. They’re ideal when you need quick capital for projects but are ineligible for bank loans. Circumstances that make private lenders a preferred, viable solution include:
Having poor credit
Needing immediate financing
Needing hard money
If you’re in any of these situations, it’s time to consider a private lender. Not only will they provide you a loan traditional banks won’t, but their injection of capital could work like adrenaline and enable you to dig your way out of arrears and financial conundrums.
However, there are multitudes of other circumstances that necessitate private lenders. With Harper Financial, we guarantee we’ll provide a transparent, fair, and honest assessment of your situation. We understand how precarious financing and finances are.
Why should you use them?
There are multitudes of reasons to consider private lenders for residential real estate.
Firstly, if you need immediate funding, this is your perfect solution. A private lender supplies the rapid funding you need to capitalize on opportunities. Even the simplest loans from a bank are difficult to secure.
The forms, statements, and documents make getting a loan feel like pulling teeth. Since lenders make decisions based on the liquidation value of the collateral, you’ll receive financing in mere days as opposed to months.
Plus, it’s significantly easier to qualify. Private lenders require far less verification and require minimal to no down payment. Most mortgages require 5% of a property’s purchase price as a down payment. Banks often ask for over 20%.
Private lenders, on the other hand, lend 100% of the purchase price without a down payment. You just pay the origination fee and interest until your loan is repaid.
Schedule a consultation now!
If you’re interested in investment property but conventional loans aren’t an option, private lenders for residential real estate are the ideal solution. At Harper Financial, we guarantee premier, tailored solutions to accommodate every need. Our attentive service and commitment to you and your dream set us apart. Schedule a consultation now! Hard money has never been so easy to get.