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v class="googleright">Hard money lenders have always been criticized for imposing high interest rates. Also known as private lenders, they grant loans anchored on an interest rate that is usually double that of traditional lenders like banks. This has somehow tainted their image. For those who are unfamiliar with how this type of financing works, a hard money lender probably looks like a plain greedy man. But for those who have been using hard money to finance their real estate investments, there is more to this crooked image.
Interest rates used by private lenders vary across the country but 18% is common. Traditional lenders [link widoczny dla zalogowanych], meanwhile, use rates of around 10% or lower. So why do real estate investors still prefer borrowing from a hard money lender? Much of this has to do with the time element considered when making real estate investments.
As they say, you can't everything all at once in life. So [link widoczny dla zalogowanych], what hard money lenders offer is easy and fast access to cash. The price you must literally pay is a higher interest rate. Banks and traditional lenders, on the other hand, offer lower interest rates but cannot immediately release the money you need.
Hard money lenders process loans in just days while traditional lenders take weeks. A lot of this has to do with the number of clients handled by each lender, the system they use in screening loan applicants, and the style by which they process requests.
A private lender usually caters to a limited number of clients [link widoczny dla zalogowanych], usually only real estate investors. This means he has more time to look into applications. Since they operate alone in most cases, getting loans is also easier. Convince one man and that's it, you'll get the money. When it comes to assessing borrowers, hard money lenders will approve or reject your application depending on the deal you are presenting. For example, if the hard money lender sees that the property you want to flip will yield profits, then you'll get the money swiftly.
On the other hand, traditional lenders cater to scores of clients seeking loans for various purposes. They also take time processing applications as they scrutinize the creditworthiness of a borrower. They check his proof of income, credit score, and other pertinent documents. This is a time consuming process that is necessary as banks also want to secure their survival. They are a business venture after all.
This is just one of the many reasons why real estate investors prefer going hard money lenders over other sources of funding. Learn more about this type of financing at REIwired.com, your online source of anything about real estate investing.
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