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The Advantages of Hard Money Loans Hard money loans is a different way of obtaining money that is not common for people. When you have a need of a loan right away and cannot get it through a bank because of a low credit score or other reasons, hard money lenders can give you the money for as long as 10 years or longer. They review your assets and not your credit score. Therefore another alternative are hard money lenders. Positives and negatives of hard money loans are as follows: Pros: Quick procedure- Banks usually take 60 days to finish the process. One to two days is the typical time period for hard money lenders to lend you the money. If the local lender is an acquaintance, they might give you the money on the same day. This would work well if you desperately need the funds for emergency cases.
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Not a lot of documents- Banks and other lending organizations often let you undergo signing a lot of forms and let you wait at least a month for approval. Hard money lenders will not let you go through that process. They usually have their systems that deals with each individual borrower. Usually, borrowers will only need to fill up a few documents. At times, lenders would examine and look up your credit history. An act expresses that lenders would have to see to it that borrowers can pay, that they won’t pay big interest rates, and that they will not pay more than two pre-payments. The factors that lenders use to analyze their conclusions are based on the property value and not on credit scores. Even if you don’t have good credit, you will still be able to acquire a hard money loan.
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Flexible circumstances- Banks could ask for continuous payments. The lender will usual give you repayment terms that are easy for you and won’t be too strict. Disadvantages: High interest rate- The hard money lenders will have an interest rate of triple the banks or even more. Lenders will sometimes have changeable interest rates so it is better to shop around for other choices. Negotiating with the lenders is essential because even if they seem to be offering a good rate, they know they are your only option and they could take advantage of this. Conclusion Hard money loans are beneficial when you are stuck in a bind and can’t get the funds anywhere else. They have easy standards to comply with, fast approval process and have less paperwork. You could end up paying a higher interest rate. Look at hard money only if you have an urgent need or no other options.