Top Reasons Why Private Money is Best for Quick Real Estate Closings
Hard money loans can be useful for quick real estate closings for several reasons:
Speed: Hard money lenders can usually fund loans much faster than traditional lenders like banks or credit unions. This is because hard money lenders focus primarily on the value of the property being used as collateral for the loan, rather than the creditworthiness of the borrower. As a result, they can often process and approve loans much more quickly than traditional lenders.
Flexibility: Hard money lenders tend to be more flexible than traditional lenders when it comes to the terms of the loan. They may be more willing to work with borrowers who have less-than-perfect credit or who need to close quickly.
Collateral-based: Hard money loans are collateral-based, which means the lender is primarily interested in the value of the property being used as collateral. This makes the loan less risky for the lender, which can translate into a quicker and easier approval process.
Short-term: Hard money loans are generally short-term loans, with terms ranging from a few months to a few years. This means that borrowers can quickly access the funds they need to close a deal, without committing to a long-term loan that may not be necessary or desirable.
Overall, hard money loans can be a useful tool for real estate investors or buyers who need to close a deal quickly, as long as they are prepared for the higher interest rates and fees that are typically associated with these types of loans. Apply for funding with EPIC Impact Investors today!