3 Common Questions About Hard Money Loans

3 Common Questions About Hard Money Loans

If you’re like most people, you’ve heard of hard money loans – but what are they, exactly, and could you use one to purchase an investment property? This guide explains.

3 Common Questions About Hard Money Loans

Hard money loans are ideal for many investors, but if you’ve never explored your options before, you likely have more than a few questions about them. This guide addresses the top three:

  1. How long does it take to get a hard money loan?
  2. How long do I have before I have to repay a hard money loan?
  3. Can I use the money to make repairs?

Here’s a closer look at each. 

Hard Money Loan Question #1: How Long Does it Take to Get a Hard Money Loan?

You can be approved for a hard money loan in as little as 72 hours – and in rare cases, even faster. That may be tremendously helpful when you find a great deal and need to jump on it so you don’t miss out.

Hard Money Loan Question #2: How Long Do I Have Before I Have to Repay a Hard Money Loan?

Loan terms are a lot shorter with hard money loans than they are with standard loans. Generally, they can last a very short time (as little as a few months) or a few years – but every situation is different, so the best thing to do is talk to a hard money lender about your options and figure out what’s right for your situation.

Hard Money Loan Question #3: Can I Use the Money to Make Repairs?

You can absolutely use the money from a hard money to make repairs on a house. In fact, that’s part of the appeal for many investors; you can borrow against the home’s after-repaired value, or ARV.

Do You Need a Hard Money Loan?

Don’t be fooled by our competitors. We are the TOP hard money lender in Georgia, North Carolina, South Carolina and Nashville, TN. Apply for a hard money loan here or click through our site to find out how we can help you now!