Are Hard Money Loans a Good Idea for REIs?
Financing your real estate investment can raise some challenges. You need to be able to obtain funding quickly to take advantage of a great opportunity. Perhaps you do not want your credit score to be a chief deciding factor in being able to do so. This leads to the question of whether hard money loans are a good idea for real estate investors.
In short, hard money loans are a smart choice for the real estate investor. There are two chief reasons for this: Time and ease.
How Fast is Funding With a Hard Money Loan?
The first reason is, of course, time. With a hard money loan, funding is fast. You can have the money available within less than two weeks. That is especially helpful when time is of the essence. When you see a great deal, you don’t have time to sit around and wait for a conventional lender – because if you wait, an investor with cash (or someone who took out a hard money loan) will get to it before you do.
How Easy is It to Get a Hard Money Loan?
The second reason, which is equally appealing, is the ease of getting the loan. Rather than having to worry about whether your credit score is good enough to get the funding you need, you use collateral to secure the hard money loan. That makes it an easier way to fund your purchase. A hard money lender will look at your credit, of course, but rather than make it the deciding factor, the hard money lender will look at the “big picture,” including how much the house will be worth after you’ve worked your magic on it.
Do You Need a Hard Money Loan?
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