Hard Money Loans

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    Atlanta: One Of Top 10 Metros With People Willing To Be ‘Super Commuters”

Atlanta: One Of Top 10 Metros With People Willing To Be ‘Super Commuters”

If you’re a property investor, you should know, people are willing to be “super commuters” just to work in Atlanta. People seek cheaper housing away from the inner city, and are willing to drive for over 90-minutes just to work in the city. The trend is similar all across the nation, but Atlanta has an increasingly high number of super-commuters. That means that if you can snag a home outside of Atlanta, it might still be a good investment.

A whopping 4 percent of Atlanta’s working population commutes great distances to work. The city ranks ninth on the list of top ten metros in the entire nation for the highest concentration of super commuters. It has a robust economy and plenty of great jobs. The trend is only expected to increase with population growth. Households are priced out of the inner suburbs and far out of the inner city for many Georgians. So, while looking for areas to create rental properties or flip houses, take a look outside of the city, past the inner suburbs. You’ll likely find a gem in the rough worth investing in.
Are You Looking for a Hard Money Loan to Flip a House?
Paces Funding is a hard money lender offering hard money loans to purchase and renovate non-owner occupied residential and commercial properties throughout the Atlanta, Nashville, Florida, or the North and South Carolina metropolitan areas. Our application process for hard money loans is easy. Just fill out this very simple online form and you will be contacted shortly. Unlike other lenders, the window between applying and funding is very small. We have funded properties in as a little as one day, but typically funding hard money loans takes about seven to ten days.

Call us at 404-814-1644 or contact us online to find out […]

Things To Look Out For When Shopping For Hard Money Lenders

If you’re shopping for a Hard Money lender, here are some things to look out for. You want a real hard money lender, like Paces Funding. You don’t want a broker or a scam, right? So, take our advice and avoid a bunch of hassles. If you’re purchasing property in Atlanta, Nashville, Florida or the North and South Carolina metropolitan areas, just stick with Paces Funding. But if you’re outside our service area, use these tips to avoid fake hard money lenders.

Watch out for online directories. These aren’t actually hard money lenders. They’re usually just websites that will sell your information to brokers. Be careful of lenders who use non-corporate emails like Gmail or AOL. Make sure your potential hard money lender is a real person by checking for a working number, a valid address, and a functional website. If they ask you to fill out a logo that doesn’t provide traditional corporate information on it, be careful. Likewise, if they ask you to fill out multiple applications that are very similar, something might be fishy.

If a supposed hard money lender needs excessive time to respond back to you, they probably aren’t legitimate. Real hard money lenders know that a quick turn around time from application until financing is crucial. You might be working with a scam artist or just a broker who is trying to set you up with a genuine lender, with the intent to take a cut themselves. You don’t need scam artists or middle men. Legitimate hard money lenders exists and are perfect for many investment real estate financing situations.
Are You Looking for a Hard Money Loan to Flip a House?
Paces Funding is a hard money lender offering hard money loans to purchase […]

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    If You Don’t Have 100% Of The Funds, Don’t Start A Real Estate Project

If You Don’t Have 100% Of The Funds, Don’t Start A Real Estate Project

If you don’t have all the funds you will need for your real estate project, be that flipping a house or renovating a potential rental property, don’t take that risk. That’s a gamble that could end up with you in a really bad situation. If you want to start a real estate project, be sure to start with more debt or more funds than you think you will need. That’s right, always starts with a loan for more than what you think you will need to complete the project.

See, it’s easier to get initial funding than subsequent funding. If something comes up and you don’t have the funds to cover it, your entire project could stall, and then fall apart. You don’t want to spend countless hours and resources only to lose all of your work in the eleventh hour. It’s not unheard of for someone to get 90% finished on a real estate project and then lose everything. Why? Because they tapped out of funds. Don’t learn the hard way. Take our word for it. Never start a real estate rehab project unless you have all of the money that you will need to finish the job.

 
Are You Looking for a Hard Money Loan to Flip a House?
Paces Funding is a Hard Money lender offering hard money loans to purchase and renovate non-owner occupied residential and commercial properties throughout the Atlanta, Nashville, Florida, North and South Carolina metropolitan areas.

Call us at 404-814-1644 or contact us online to find out whether you might qualify for this type of funding. In the meantime, check to ensure that you meet our loan criteria. Our loan amounts can be up to 65 percent of the after-repaired value of the collateral—and if you use […]

What You Need To Know About Note Purchases

Smart investors often make an extreme profit by investing in promissory notes. See, a note purchase means the purchaser is buying a lender’s promissory note instead of the actual property. The foreclosure process can be expensive in time and money for financial institutions. When a loan under-performs, these institutions are often willing to sell them at a discount. Note purchases are a risky business though. Legal counsel is strongly advised for all note purchases.

Again, when an investor purchases a promissory note, the buyer buys a lien right from a lender. This means, the buyer can’t actually possess the property. Consequently, the buyer often can’t have the property inspected. The property is generally occupied by the original borrower.

Now, this is important: If the borrower can’t repay the loan, the buyer will then have to go through the lengthy foreclosure process that the first financial institution was trying to avoid.

Now, here’s the deal. These can work, especially if the buyer is able to reduce the borrower’s monthly payment. The buyer will also have to make a profit, of course. So, a low-priced note means all the difference.

Investors purchasing a promissory note can view a foreclosure like a landlord views a tenant eviction. Well, except that a foreclosure is far more expensive and time consuming. Foreclosures usually require lawyer and trustee fees upfront.  The potential for having to foreclose on a borrower is the main reason so many investors shy away from note purchases.

Thankfully, there are many ways to invest in real estate.

Paces Funding is a Hard Money lender offering hard money loans to purchase and renovate non-owner occupied residential and commercial properties throughout the Atlanta, Nashville, Florida, North and South Carolina metropolitan areas.
Are You Looking for […]

Great Investment or Money Pit? Watch for These Two Problems

 

Currently the housing market offers great buys for investors. However, sometimes a house is not as it appears. Naturally, you want houses that are in good condition, or need a small amount of work, to be able to make a fast turnaround. Unfortunately, many times something is not discovered until after the purchase is completed.

A foundation is the basis of any house and must be in excellent condition if you expect to avoid spending a great deal of money having it replaced or repaired. When looking at the house check the foundation for cracks, crumbling cement or other conditions that will indicate a problem.

Mold in the crawl space or other locations in the house will indicate a leaking water pipe. Molds gradually destroy the things they grow on. They can damage building materials, especially under the floor. In addition, studies have shown it can cause the occupants health problems.

Having a licensed home inspector is a good investment to avoid expenses that can often cause a home purchase to become a money pit.
Do You Need a Hard Money Loan to Buy an Investment Property in Atlanta?
If you’re looking for a hard money loan in Atlanta, we may be able to help you.

Call us at 404-814-1644 or contact us online to find out whether you might qualify for this type of funding. In the meantime, check to ensure that you meet our loan criteria. Our loan amounts can be up to 65 percent of the after-repaired value of the collateral—and if you use the loan for renovation or construction, the loan amount can be based on the collateral’s improved value.

Read our frequently asked questions and take a few minutes to learn about the hard money loan process.

Foreclosures in Atlanta

Because Atlanta foreclosures are higher than usual – they’ve been on an upswing since January – that means there’s more opportunity for you, as an investor, to take out a hard money loan and pick up a property that you can flip. The selection is better, and you’ll likely spend less money than you would when properties are few and far between.

Is Foreclosure Investing Right for You?

Investing in foreclosures isn’t for everyone. In fact, many experts recommend that you gain some experience in traditional real estate investing before you dive in headfirst.

Here’s what you need to know:

There are three ways to buying foreclosures: from a property owner before it’s foreclosed (known as a pre-foreclosure), at an auction, or from a lender after the property has been repossessed.
Buying a property that’s owned by the lender may pose less risk to you than buying a foreclosure in the other stages.
You always need to check the title before you buy any foreclosed property; if you don’t, you could be taking an unnecessary risk with your money.

Need a Hard Money Loan to Invest in Atlanta Foreclosures?

Getting a hard money loan in Atlanta may be easier than you think. If you’re ready to invest in a foreclosure and you already know what it entails, give us a call at 404-814-1644 or fill out our easy hard money loan application. We may be able to get you the funding you need to make the investment of a lifetime.

What to Ask Your Hard Money Lender

Whether you’re working with a hard money lender for the first time or you’ve been through all this before, it’s a good idea to do some homework. Here’s what you need to ask:

How long have you been in business?
How big is your company?
What is the interest rate on an Atlanta hard money loan through you?
What are the terms?
How soon will the money be available?

The main purpose of the first two questions can help assure you that you’re working with an honest lender. It’s best if you work with someone who’s been in business for 10 or more years, as well as someone who’s extremely established in the industry. (Paces Funding is the largest hard money lender in Atlanta.)

You may not be very experienced with hard money loans, so it’s very important that you work with someone who is.

The other questions help you determine whether you can afford the loan and how much it will cost you over time, and they’re pretty standard to ask when you take out any loan.

Do You Need a Hard Money Loan?

Call Paces Funding at 404-814-1644 or fill out our easy online application. We’ll be happy to answer your questions and help you get the money you need quickly.

 

How Do Hard Money Lenders Work?

Hard money lenders take a different route when lending than traditional lenders do – and that can be very beneficial to real estate investors.
How Do Hard Money Lenders Work?
Hard money lenders typically lend based on collateral, so they’re less inclined to worry about the lender’s ability to repay the loan than a conventional lender would be. The value of the collateral often outweighs the borrower’s financial position.

Conventional lenders show extreme interest in credit scores and income, whereas those things aren’t as important when you’re taking out a hard money loan (they’re still important, but they’re not always “deal-breakers”). A solid borrowing history and proof of an ability to repay the loan can be enough to give you the green light. For many people, the traditional loan process can be slow (even with ample income and favorable credit scores). A negative item on a credit report can delay, or even prevent, the borrower from getting approved.

The borrower can expect a hard money loan to be short-term; the maximum term is usually around 5 years. Interest rates for hard money loans may also be a little higher than traditional loans. However, hard money loans do come with benefits.

Speed of Lending – Borrowers can expect the lenders to close quicker. Hard money lenders can close deals that other lenders cannot.
Flexibility – Borrowers are not subject to a traditional underwriting process. Hard money lenders evaluate each deal separately.
Loan Approval – For hard money lenders, one of the most important factors is the borrower’s collateral. The lender can lend as much money as the collateral is worth.

Do You Need a Hard Money Loan to Buy an Investment Property in Atlanta?
If you’re looking for a hard money […]

  • do you want your real estate agent to call you a motivated seller
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    Do You Really Want Your Realtor to Call You a “Motivated Seller”?

Do You Really Want Your Realtor to Call You a “Motivated Seller”?

Buyers see all kinds of language in listing descriptions, and some of it can be pretty confusing. However, the term motivated seller isn’t very confusing. It says that the seller really wants to unload this house—but do you really want your Realtor® to call you a motivated seller, or will it hurt your chances of selling the home at the right price?
Do You Want Your Realtor to Call You a “Motivated Seller”?
When a buyer sees the term motivated seller in a listing description, it could mean that:

You’re willing to negotiate on the price
You want to negotiate
You’re willing to make concessions to a buyer
The house is about to be foreclosed on
The house is falling down and you want out
You want to see any and all offers

While these don’t always apply to so-called motivated sellers, that’s what buyers can think—and if none of those fit your situation, you may not want your Realtor to encourage low-ball offers or get potential buyers to try to negotiate with you.

Your best bet is to talk to your Realtor about the kind of language he or she is going to use in your listing description. If you see something you don’t like, ask your agent to change it before the listing goes live—it really is that simple.
Do You Need a Hard Money Loan to Buy an Investment Property in Atlanta?
If you’re looking for a hard money loan in Atlanta, we may be able to help you.

Call us at 404-814-1644 or contact us online to find out whether you might qualify for this type of funding. In the meantime, check to ensure that you meet our loan criteria. Our loan amounts can be up to 65 percent of […]

3 Common Attic Problems Investors Can’t Afford to Ignore

Before you buy a house to flip that looks like a great deal, make sure you and your home inspector check the attic. There are a handful of serious problems you can discover up there, including truss or rafter damage, old fire damage, or insulation problems.
3 Common Attic Problems
Your inspector should peek in at the attic, and here’s what he or she will be looking for:

Truss or rafter damage. This doesn’t necessarily show up when the inspector is on the roof—but beneath the roof, an inspection can uncover stress cracks that could lead to the loss of the roof’s integrity.
Old fire damage. If a seller doesn’t disclose that the home once caught fire, an inspection in the attic can tip you off. The inspector will check to see if the rafters are painted or don’t have a natural wood appearance, which can both be signs of a previous fire in the house.
Insulation problems. Your inspector will make sure the insulation in the attic is facing the right way and determine its R factor (that’s how insulation is rated) to let you know whether it’s high (the higher it is, the higher its insulating factor).

Do You Need a Hard Money Loan to Buy an Investment Property in Atlanta?
If you’re looking for a hard money loan in Atlanta, we may be able to help you.

Call us at 404-814-1644 or contact us online to find out whether you might qualify for this type of funding. In the meantime, check to ensure that you meet our loan criteria. Our loan amounts can be up to 65 percent of the after-repaired value of the collateral—and if you use the loan for renovation or construction, the loan amount can be […]

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