When you find a “diamond in the rough” house or commercial property, you know you need to act quickly. Day after day, investors are hunting for houses and commercial properties—and they probably have their eyes focused on the same prize that you’re watching. Discovering a spectacular property at the right price is the name of the game.
Short Sales and Foreclosures: How to Cash in as a Real Estate Investor
Short sales and foreclosures are hot commodities in some cases, and you know that banks are around to lend money and make money. They are not in the business of property management and nearly always want to sell the property as quickly as possible. When a building or house reverts back to the bank, the lender then becomes responsible for things such as maintenance, insurance and property tax. (Again, this isn’t what they do–so there’s room for you to get in on the deal.)
After you decide that a foreclosure or short sale is the right investment for you, what will give you an advantage over others who’ve been eyeing the same property? Cash in hand is still king when it comes to real estate.
Considering that time is of the essence—a traditional lender will not be able to accommodate a fast turn-around—a hard money loan might be exactly what you need to cash in on the deal of a lifetime. If you’re like many investors, you’re also going to need some extra money to get the house or property back into great (and sell-able) shape, but traditional lenders make it more difficult for their customers to secure a loan on a distressed property. Banks have strict requirements for investment and commercial property loans.
Foreclosed properties aren’t going anywhere and investors are in the position to make this work in their favor, provided they move quickly. A hard money loan can get you the money you need to purchase the property—as well as fix it up—in less time than the traditional loan process.
Do You Need a Hard Money Loan 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.