Real Estate investment is very lucrative but also very financially demanding. Thus, many investors cannot afford to finance their deals independently. Hard Money lenders help to finance these investments by lending investors the required funds.
Hard Money Bankers is a self-funded and full-service private money-lending company. They provide reliable and flexible financing for your commercial and residential investment real estate deals.
They aim to make the process of lending hard money as smooth as possible. They have continually maintained a high level of professionalism and transparency, and their loan structures are very flexible.
They operate in Washington, D.C., Pennsylvania, Maryland, New Jersey, Virginia, and Delaware. Below are the reasons why Hard Money Bankers is our preferred hard money lender in Washington, D.C.
Why Hard Money Loans Or Private Lending Are Preferable
Another option to finance real estate investment is traditional mortgages. However, the lengthy and stressful approval process distinguishes this from hard money loans. This makes it a devastating option for real estate investment because the market is quite time-bound.
Hard money loans and private lending can ascertain approval within 2days. Having a high credit score is also not a criterion for getting approved for a loan.
Why Hard Money Bankers Is Our Preferred Hard Money Lender In Washington D.C.
· Easy Lending Process
Hard Money Bankers is our preferred hard money lender in Washington, D.C, because they make the lending process very easy. Thus, allowing you to access the needed funds in a short time.
· Flexible Loan Terms
Hard Money Bankers allow more room for negotiation of the loan terms. This means you may be allowed to reframe the schedule for repayment to suit your needs. You can also get a reduction in some fees.
· Flexibility In Collateral
Property investment is usually the collateral for hard money loans. However, Hard Money Bankers allow more leeway. You may be allowed to use assets such as another residential property you own or a retirement account.
How To Qualify For A Hard Money Loan With Hard Money Bankers
The first step to qualify for a loan is to complete the Loan application form on the company’s website. They will review this application and inform you of the available loan options for you.
If you are an appropriate candidate, you will be issued a Loan Commitment/Letter of Intent depending on your application, and if you’re not fit, the company will inform you. Subsequently, you will be asked to produce some documents and additional information, such as a copy of your driver’s license, a copy of the sales contract or deposit checks, the address of any cross-collateral property, etc.
Afterward, the company will examine the title to the property, and if necessary, a physical valuation will be done.
If there are no appraisal, inspection, or title issues, loan funds will be made available to you through a closing/settlement with a title company. This is after you have provided evidence of General Liability Property Insurance in an amount equal to the total loan amount.
You will be responsible for all closing and insurance costs. Finally, you must sell or refinance the property within the pre-determined loan term. This ensures that the lender receives a complete payoff of the loan.