Hard Money Loans for Real Estate Investing
One of the most common uses for a hard money loan is for Real estate investing. Real estate investing can quickly become a cash-demanding business. In order to take advantage of real estate opportunities and your current projects, real estate investors often require more operating capital than conventional banks are prepared to lend.
As a real estate investor, you often need hard money loans on short notice, and again most banks are not able to help.
When conventional financing takes too long or is not available due to low FICO scores or some other reason, hard money lenders in the Dallas Fort Worth area could be your deal saver.
If you invest in a lot of property, your FICO score can plummet simply due to the number of mortgages you owe! Alternatively, the properties that can be had for an advantageous price may not meet conventional banking criteria. In either case, hard money lenders have not restricted in the same way that conventional banks are and
Hard money lenders can turn on a dime. Mortgages for real estate investing can take anywhere from two to six months to be completed by conventional banks and lenders. Hard money lenders can generally fund in two weeks from the time you have all the paperwork in place.
Lenders can also fund projects that conventional banks cannot. If your real estate investing branches you out into different territories such as dry cleaners (or a strip mall that has one), gas stations, or even assisted living facilities (one of the hottest growing real estate markets in the US), conventional banks are not likely to be able to fund your real estate project. Hard money loans can, once again, be a deal saver.
Plan to use hard money as a bridge loan. Terms generally range from one to three years. This should provide ample time to prepare the property or your personal financial status to arrange for long-term conventional financing or to arrange for the sale of the property in question.
DFW Hard Money is a lender offering real estate hard money loans in Fort Worth, Dallas, and surrounding areas of the DFW area. We strive to make the process quick and easy for all parties to the transaction and offer competitive rates in the current hard money lending marketplace.