The Complete Guide To Getting A Hard Money Loan

The Complete Guide To Getting A Hard Money Loan

Do The Math Hard money financing is based on collateral value (the value of the property you’re seeking funding for). You will need to determine the possible value of your property/project to show the lender. It should be large enough to help you obtain the loan. Create A Plan Your hard money lender will ask for a comprehensive plan for your real estate project. They want to know more about the state of your project/property and what you plan to with it. This will help them decide if it makes sense to fund it Along with submitting an executive summary of the project, you also need to have a solid loan exit strategy. Financial Documentation Coupled with your project information,, your financial information also plays a crucial role in getting a hard money loan. The hard money loan financial documents required will vary from lender to lender and also differ based on the type of the loan requested by the borrower. Looking for a hard money lender in Massachusetts? Harper Financial provides a range of private money loan products to clients, including hard money loans, bridge loans, fix and flip loans, partnership buyout loans and more. For more information, visit our website. HARPER...
Signs You Need to Switch Your Alternative Real Estate Lender

Signs You Need to Switch Your Alternative Real Estate Lender

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. Transparency Communication is imperative in property deals since your ability to make profit is so dependent on the...