Private money lenders, or hard money lenders, give real estate loans that are based on the value of the property. When a bank turns you down for whatever reason, a hard money loan is the answer. A hard money lender offers bad credit loans, hard money loans, and private money loans. Get money lent to you on property that you already own, for construction or rehab, on property that you want to purchase, on rural or vacant properties, on convenience stores, buildings, and churches, on houses, on daycare or retail properties, or any property located in Georgia.
Hard Money Lenders Make It Easy to Get Funds
Hard money lenders in Georgia make it easy to get the money you need by providing loan proposals after you contact them. They give you the ability to close within just a few days too. There is no credit check and you do not have to provide income verification. You can look forward to quick approvals which make the process much easier unlike what you would go through if you were trying to get a loan through a traditional bank.
Private Money Lenders Offer Real Estate Loans
Are you a broker looking for a real estate loan? Private lenders give real estate loans based on the value of the property you want to purchase. Private lending is streamlined and simple compared to what you have to go through trying to use a bank. There is no need to come up with a formal property appraisal, you don’t have to have satisfactory credit, or provide tax returns. It also won’t take many weeks or months to close your loan. Hard money lenders are a great resource to have that give you the ability to purchase a property whether you want fix and flip loans, mortgage loans, purchase loans, or real estate loans.
Does the Property You Want to Purchase Need Work?
Conventional banks are too conservative when it comes to underwriting guidelines. Typically, a bank won’t lend you money if the property you want to purchase requires repairs. It’s hard to invest in property you want to fix and flip with that kind of restriction. A hard money lender is more than happy to loan money on properties that lack cash flow or requires upgrades.
Get Loans That Aren’t Based on Income or Credit
Another great benefit to a hard money loan is the fact that you can get a loan that isn’t based on your reported income, credit score, or your ability to repay debt. A traditional bank is known to deny loans to borrowers that do have a strong income based solely on the amount of debt they carry. Private money lenders play an important role in lending to borrowers based on the value of the asset instead of their debt to income ratio.
Working with a private money lender can give you the loans you need, when you require them. The benefits give you the ability to purchase a property whether you want to fix and flip it or turn it into a rental property. The choice is yours. With hard money lenders working with you, you have the ability to make more money with a trusted source for loans.