Many people don't know that hard money loans can be an alternative way to get money. Hard money lenders can lend you the amount you need for up to 10 years, depending on your circumstances.
Hard money lenders look at your assets and not your credit score. You can also get hard money personal loans via https://taylormadelendingllc.com/personal-and-rental-property-loans.
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The pluses of hard money loans
1. The process is quick – It takes banks at most 60 days to complete the process. The average hard money lender will give you the loan in 1-2 days. You may be able to get funds the same day from local lenders who are familiar with your situation.
This is especially useful if you have an urgent need for money, need to purchase quickly, or need to fund construction work.
2. There is less paperwork – Traditional banks and lending institutions will often require you to complete a lengthy underwriting process. This involves filling out complex forms, then waiting for at least one month to find out if your application has been approved. This is not the case with hard money lenders.
Each borrower has its own system and deals with them individually. Borrowers tend to only sign a handful of forms. Lenders may ask you questions and look at your credit history.
3. Flexible terms – Banks might require regular payments. Flexible terms are often offered by lenders who will be flexible with your repayment terms. This will depend on the lender.
If times are difficult, you can choose to pay only interest or the entire balloon repayment. This will make it more manageable over the long term than making a large monthly payment.