When you’re in a pinch and need to acquire a larger sum of money quickly, traditional loans might not be the way to go. This is because these types of lenders usually require solid proof that you’ll be able to repay them. You’d need to fill thousands of pages and then wait for days, sometimes weeks, in order to receive a response that isn’t guaranteed to be positive. This is where hard money loans come into play, with more than a few advantages over the traditional ones.
Faster, More Flexible Loans
Hard money lenders secure their loans through a “collateral”, which means that it’s being covered by property unrelated to your current financial position. Because you don’t have to go through tons of unnecessary paperwork, hard loans can be approved and funded within just a single week. The process is extremely simplified, and there’s no additional information needed to make you eligible for a loan. Also, their policies are much more flexible without the usual strict policies. If you’re located in California, you can get your hard loan in no longer than 5-10 days.
Reduced Pressure
Stern rules and regulations, which are quite common with regular lenders, can put a lot of unneeded pressure on a person. Rare are the cases where these types of companies (usually banks) will try to work through an issue with you without being overly pushy. To avoid putting this type of stress on you, hard money lenders are quite moderate with their demands. Of course, you’ll still have to fit certain deadlines and requirements, but they’re much less restrictive and give you freedom of choice in how you’ll deal with them. As long as you plan ahead, you likely won’t encounter any issues.
Fewer Prerequisites
Banks are notorious for increasing their requirements list with each passing year. Their rigid credit demands in particular are one of the major reasons why people are rejected when they ask for a loan. Banks also have a lot of triggers that will instantly raise a red flag if they’re noticed in your recent history, such as foreclosures or bankruptcies.
At californiahardmoneydirect.net, all the underwriting is done in-house to ensure the quickest approval possible. Some of the available categories include investment property loans, second mortgages, distressed property loans, etc. To discuss your potential options and resolve your issues as soon as possible, you can either fill in the online contact form or use one of the two available phone numbers on the website.