How To Get Hard Money Loans

By September 4, 2019 September 30th, 2019 Blog
hard money loans being signed

After another call with a realtor, I hit the wall once again. Once again, the biggest fear every real estate investor dreads had loomed it’s ugly head. I was stuck waiting. Real estate investors looking for hard money loans aren’t looking for any surprises. They are looking for fast cash loans with no hassle, and quick turnaround.

Waiting to hear back from a mortgage company who were still deciding whether or not to fund. Endless paperwork and receipts, and tax returns that needed to be sent. Hoping there weren’t any surprise with inspections, appraisals before the close date.

Thankfully hard money loans are easy to find and even easier to apply for.

Here is a shortlist of everything you need to get your real estate investment funded as soon as possible.

What Are Hard Money Loans?

hard money loans are used to back real estate investments. Usually hard money is back by real estate property value and even the after repair value of some properties. For faster cash for Phoenix real estate investments, nothing is faster than a hard money loan. Learning more about hard money loans is the key to quick and painless real estate investing.

Hard money loans are tied to the estate value, not the credit score of the borrower, so this makes it easy for investors with less than perfect credit to get approved for fast loans that are made especially for real estate investments.  hard money loans don’t require employment verification, tax returns, or lengthy credit reports.

For Investors, getting new properties can be tricky, but for those that can move quickly, the market is waiting for their flips, if not begging for them. Hard Money lenders make it easy for investors to rehab properties quickly, and get them on the market while the demand is still strong.

Type Of Investments That Use Hard Money Loans

Most real estate investors are looking for any of the following investments for their hard money loans.

  • Fix and Flips Phoenix Loans
  • Home Rehab Phoenix Loans
  • Bridge Phoenix Loans
  • Rental Phoenix Loans

Fix and Flip loans are perfect for house flippers looking to buy, repair, and ‘flip’ a property for a profit. A fix and flip loan cover the purchase and repairs of a potential investment! Fix and flip loans make it easy to make a fast profit, move quickly on projects.

Home Rehab loans cover the repairs to potential properties and make it easy to sell a property for a profit. Home rehabs are a great way for those wanting to attract new buyers and sell for a greater profit. Some repairs could be kitchen renovations, bathroom upgrades, and more!

Bridge Loans are for filling funding gaps on investment properties. This could be used on properties facing foreclosures, or catch up on projects or timeline to still turn a profit. You can learn about all the different ways to use bridge loans here.

Rental Loans use hard money loans to fund upgrades to a rental property before listing to attract tenants. Some upgrades can include new floors, roofs, upgraded kitchens, and more!

hard money loans can be used for a variety of real estate investments, from auctions, foreclosures, rentals, flips and more.

How To Apply For A Hard Cash Loan

Investors what the fastest money for their investments. In order to not get stuck in paperwork limbo, having everything together the first time makes it easy to get you funded on your timeline, and within a few days of your loan being approved.

Here is what you need to apply for hard money loans.

  • Property Address
  • Property Price
  • Repair Budget
  • Type Of Investment
  • Plan For Repairs
  • Property Photos

Hard money lenders use these to determine to the after repair value of a property and estimate how much is needed to fund the project. Having all of these prepared before you apply makes it easier for hard money lenders to determine how much they can lend as soon as possible.

How To Find The Best Hard Money Lenders

Finding the best hard money loans loan is easy, finding the fastest lender can be tricky with so many options.

To find the best lenders you should look for the following:

  1. Rates and Terms
  2. Turnaround Times
  3. Reviews
  4. Customer Service

You should always see what the terms and rates will be for your hard money loans as it determines your payment methods. Hard Money lenders should also provide short turnaround times as well! Look for customer reviews to see what others’ experiences working with this lender. Reviews can also give insight into the customer service to a company and how they help you get your hard money loans.

Summary:

Hard money loans make it easy to get funded quickly for the investments that can’t wait.

With hard money loans, you can easily get approved, funded, and start your project within days, without risking real estate limbo.

With hassle-free loans, with minimal paperwork, and virtual applications, there is no reason to be waiting or wondering about the status of your loans. Apply Today.

Prime Plus Mortgages

Prime Plus Mortgages

Prime Plus Mortgages is a licensed hard money lender. We specialize in hard money loans, bridge loans, fix and flip loans, home rehab loans, for developers, property flippers and buy-and-hold strategists. HML programs make private money available for small to medium scale projects.

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