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Hard money lending is commonly used by real estate investors for various purposes. Here are a few ways investors utilize hard money loans:
Fix and flip projects: Real estate investors often purchase distressed properties, renovate them, and then sell them for a profit. Hard money loans provide the necessary funds for acquiring and rehabilitating such properties quickly.
Bridge financing: Investors may use hard money loans to bridge the gap between purchasing a property and securing long-term financing. This allows them to act swiftly in competitive real estate markets.
Rental Purchase: Investors may use hard money loans to acquire properties that need work with the plan to add them to their rental portfolio. A hard money loan enables the investor to renovate their rental purchase thus producing a property that a traditional bank will then lend on.
Property acquisitions: Hard money loans enable investors to seize investment opportunities by swiftly acquiring properties that may not qualify for traditional financing due to their condition or other factors.
Renovations and improvements: Investors may utilize hard money loans to finance renovations, repairs, or improvements on properties they already own, with the aim of increasing their value and potential returns.
Non-conforming borrowers: Investors who have poor credit or don't meet the stringent requirements of traditional lenders can access capital through hard money loans, as these loans primarily rely on the property's value.