Are you looking for a fast and simple solution to fund your next development project or real estate deal? A hard money loan may be the answer. In this post, we break down the three most prominent benefits of hard money loans in Las Vegas, NV.
Hard Money Loans Are Approved Swiftly
If you’re a real estate developer who needs additional funding on a tight schedule, a hard money loan can keep your work humming along smoothly. Instead of the multiple weeks or months it can take a bank to approve a loan, hard money loans are approved and active in one or two weeks—if not less time. North American Financial is one of the best hard money lenders in the country. We’ll work swiftly to get you the cash you need.
Hard Money Lenders Offer Loans for Projects That Other Lenders Easily Deny
Many professionals in real estate work on fix-and-flips or other brief projects that involve a year’s time or less. Banks and other traditional lenders typically offer loans for periods greater than one year, simply because of their business model.
A hard money loan is therefore advantageous if you need a loan for a shorter period of time. You get the opportunity to ensure the loan is what you need and appropriate for the time period specified.
Hard Money Loans Are Less Stringent Than Traditional Loans
Banks are known to be risk averse when it comes to loans and therefore have rigorous requirements for borrowers. If you have four or more mortgages or bad credit, many banks won’t even consider your request. For this reason, you should consider going through a private money lender.
The benefits of hard money loans include the less stringent needs to get up and running. Hard money lenders look for adequate available cash to make monthly payments, sufficient property equity, a fair exit strategy, and occasionally a certain level of experience in your field.
Hard money loans are an excellent way to obtain funding when you’re dealing with varying credit scores and short project timelines. It also gives you the opportunity to speak directly with the individual making the funding decision. Ready to speak with our team? Contact us today, and we’ll be in touch. We look forward to discussing your project!
