For more Real Estate Learnings go to: RehaHardMoney.com
Hard money is almost synonymous to urgent when it comes to flipping houses. With competition among rehabbers heating up amid the recession, it is but important to secure funding for projects as soon as possible.
Hard money lenders are willing to answer this call to urgency and provide the needed funds. This makes hard money loans a better option for those in the flipping houses business. There are several factors why hard money loans are approved much faster than conventional loans.
First of all, lenders also know the urgency of financing in flipping houses. If they don’t grant you the funding immediately, there is a risk that the rehabber might lose the deal. A lost deal for the rehabber (or the borrower) is also a lost of profit opportunity for the lender. The sooner the lender issues the loan, the sooner he gets the returns for his money.
Second, hard money financing is collateral-based. The collateral is the house you will flip. Lenders will mostly look at the profitability of the property you will rehab and not your credit score. This process is much faster that assessing the creditworthiness of a borrower.
Third, hard money lenders usually operate on their own. This means that if you convince the lender that your deal is worth financing, you’ll get the cash fast. Bank and other traditional lenders, on the other hand, usually employ a panel or a team to process loans. They also need the approval of several personnel before loans are released, further slowing down the process.
In some online networks, hard money loans may be approved in at least two days. Try RehabHardMoney.com. The web site has hard money lenders everywhere in the country on stand by to issue loans for those in the flipping houses business. RehabHardMoney.com also allows borrowers to be pre-qualified for loans just by filling out a submission form. Rehab Hard Money also gives out free reports for those who pre-qualify. Hard money lenders who want to join the nationwide program of Rehab Hard Money can also fill out a separate form.
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