The real estate business is highly competitive and requires one to have a substantial amount of readily-available money or have quick access to loans. Players in the industry know a good deal when they see one, and the difference between winning and missing out is, more often, how fast you can pay for a property…. Read more »
There are many reasons why a real estate investor would choose to get financing from a hard money lender. The process of approval takes virtually no time if you compare it to conventional lending. It often takes one to three days, and if delayed, never longer than one week. It takes traditional lending institutions like… Read more »
Property flipping — more commonly referred to as house flipping — can be an exciting, engaging way to make money in real estate. However, there’s a catch: you’ve got to do it right to reliably turn a profit. And most people who try to flip houses for a living make a lot of costly mistakes… Read more »
According to a 2018 planning and progress study conducted by Northwestern Mutual, the average American has debts that amount to about $38,000 without counting mortgage. This figure is $1,000 higher than the previous year. Most people earn just enough to pay off their mortgage and cater to the bills. To afford other things, one must… Read more »
Mainstream banks impose very stringent requirements for anyone applying for a personal loan. Credit history tends to be the main let-down for the majority of bank loan applicants since the majority of financing institutions require a flawless credit history. The implication is that a late payment on a past loan can be sufficient grounds to… Read more »
Private lending is a business model in which one company lends money to people and other companies that are having trouble getting their loan requests approved by conventional loaning services. Recent studies have shown that more than 80% of businesses that fail to get a loan are denied because of inconsistencies in their cash flow…. Read more »
Are you aware that in Q1 of 2019, close to 50,000 houses were flipped? During the past few years, the percentage of flipped houses that have been turned into home sales has been gradually increasing. Also, the average gross profit for every house flipped has from $60,000 to highs of $68,000 in different periods. As… Read more »
In some respects, bank loans are similar to hard money loans. They both require a willing lender who takes a security interest in collateral to fund the loan. Both loans must be repaid to release the security interest and retain ownership of the collateral property. However, in other respects, hard money loans are very different… Read more »
Maybe you found the perfect house to flip, but you’ve gotta act fast to put your bid in. Maybe you’re on a tight deadline and you know the bank won’t be fast enough. Or maybe your credit just isn’t quite what it should be at the moment and you need a speedy alternative to traditional… Read more »
Hard money loans have certain characteristics that make them suitable for investors and businesses. They are flexible and are offered by individuals, private lenders, and some financial institutions. One advantage is that they typically take a short time to process. In some cases, it can take as little as a week to get approved. With… Read more »