Questions To Ask Before Choosing Any Hard Money Lender

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Also known as private lenders, hard money lenders are different from banks. Since they’re funded by private investors, you’ll find much more unpredictability in the qualifications for property & borrowers than banks. Additionally, a hard money lender isn’t subject to the same banking & mortgage lender rules that govern charted banks. This allows the lenders to customize the loans to the requirements of their clients to create a win-win situation.

Here are a few questions you might want ask before signing the dotted lines with any hard money lending service:

Does the lender specialize in hard money loans?

Those unaccustomed to the hard money financing procedure might lead to miscommunication & miscalculation by you as well as your lender. Working with someone who specializes in hard money loans is always a good idea.

Is the lender local to the region where your investment property is placed?

If the lender doesn’t know the real estate market where the property is located, you may invest valuable time educating the hard money lender rather than flipping your property.

Is the hard money lender a broker or direct lender?

While both kinds of lenders can help you in getting hard money loans in Orange County, using a broker has many advantages. A broker is not beholden to only their in house guidelines, but rather can place your loan with investors who are the best fit. If you have the time to call and make multiple applications a direct lender may be a good idea, but if you need to close quickly and with certainty, a broker who specializes in hard money is the expert you want.

How fast the lender can approve & find hard money loans?

Most hard money loans in Orange County can fund in a matter of 2-4 weeks. It’s not out of the question to get a loan funded in less time, 3-5 business days in some cases.

What’s the cost of hard money financing?

Hard money lenders usually charge points on all loans. These fees will differ greatly, with many deals falling out in the 3-5 point range. The use of leverage, speed, and ease of access to funding should be considered while considering the cost of the hard money loans Orange County.

For how long the lender has been in business?

Hard money financing is a niche market that has legal, regulatory, and commercial processes that are unlike mortgage brokers or banks. A seasoned hard money lender will decrease the probability of wrongly prepared documents or errors in the application, approval, and capital process.

What’s the lender’s reputation in the community?

Hard money lenders may cater a niche market, but they still earn a reputation with real estate investors, realtors and bankers. A lender with a strong business repute will not just work with you in a professional way but may open doors for you within the real estate investment community.

Source From: https://allcalifornialending.wordpress.com/2021/06/29/questions-to-ask-before-choosing-any-hard-money-lender/

Comments

  1. Jennifer RobertJuly 21, 2021 at 12:42 PM

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