Things to Look out for when Shopping for Hard Money Lenders

Things To Look Out For When Shopping For Hard Money Lenders

Published On: March 27th, 2018Last Updated: June 17th, 2024Categories: Equity Lending, Hard Money Loans, Private LendingTags: ,

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 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 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.