If you do not have a good credit score to get a loan approved from a bank, hard money loan can be the best alternative for you. These hard money loans are generally offered to borrowers to grab and finance real estate opportunities or other collateral backed loans. As opposed to banks, these are funded by private investors. Most of the first time investors are curious about hard money loans and their lenders – what are these, who are they or are they beneficial and how to get some?
Hard money loans are used by many investors as a short term solution to fund real estate deals. These can also be used to fund fix and flips or buy rental properties, and many other purposes. These are ideal for situations such as
- Fund fix and flips
- Land loans
- Construction loans
- When as a buyer you have credit issues
- When as a real estate investor you need to act quickly
There are a number of ways to find a reputed hard money lender. The best way is to search Google for local lenders. Real estate brokers, mortgage brokers, and other real estate professionals can too recommend you a reputed and trusted hard money lender.
If you are looking for complete real estate brokerage services I recommend you to choose 5 Star Lending, a full-size real estate company. It is owned and governed by Cynthia Trinh. She is capable of handling complex processes and strives to deliver outstanding customer experience and exceeding the expectations of clients in hard money loans, commercial and residential properties and mortgage markets.