HOW TO GET A HARD MONEY LOAN
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Find out how to get a hard money loan when you make a call to Tower Fund Capital at 646-564-3499. We make getting approved for a hard money loan a hassle-free process with no worries about credit or personal financial qualifiers. Our loan officers use the value of the asset in question as the only qualifier to the loan.
Working with a hard money lender is an excellent solution for prospective real estate investors looking to finance their investment property purchases. This loan helps finance real estate investments and uses the property as collateral, creating a simpler process for borrowers. Investors can get hard money loans from lenders, which are private individuals and organizations that lend their money to these investors. Lenders will analyze the underlying asset and decide whether to approve your loan application or not. Here are tips on how to get a hard money loan.
Find the Right Lender
Not every hard money lender operates the same way. They differ in rate and terms; therefore, selecting the most appropriate lender is crucial. The best hard money lender will provide quick turnarounds, fair rates, and conditions that let you invest effectively while maintaining a positive cash flow.
Choose the Right Property
Hard money loans are not suitable for all types of properties. Your lender’s goal is to recover the money it has loaned you. That is why they will look to offer loans on properties that provide you with opportunities to make a substantial profit in the long run. You will be able to pay off your loan in full if you can produce a high return on your investment property.
Make Sure You Have the Correct Documentation
While hard money lenders don’t require the same amount of information as a regular lender, that doesn’t eliminate the possibility of getting some important information from you and the property you are acquiring. Lenders’ procedures differ, but they may request an assessment of the property, evidence of your assets, tax records, or other documents.
Make a Real-Equity Contribution
Hard money lenders require you to put some of your money into the property you purchase as part of their partnership with you. They will ask for larger down payments. You must be prepared to put as much as 25 or 30 percent down on the property if you want to obtain a hard money loan.
Prepare a Repayment Strategy
It’s essential to have an exit strategy from the very beginning before starting the loan process. Since most hard money loans are short-term loans, lenders want to ensure investors have a plan to pay off the loan and a plan for the property.
Apply for The Loan
Getting hard money is straightforward. Once you find the right hard money lender to work with and have what they need to qualify, it’s time to apply for the loan. There is little prequalifying involved, and many hard money lenders have a simple application process.
Get A Hard Money Loan From Tower Fund Capital
At Tower Fund Capital, we are proud to help investors reach their goals and achieve their dreams by providing the financial help they need. We charge no junk fees that you may encounter with other lending institutions. Our team is trained to expedite your lending process, ensuring you get the money you need. Contact us today at 646-564-3499 for more information on our loan options, or apply for a consultation on our website now.