Real estate investors tend to have a few different options when it comes to financing a project, so why is a hard money loan the best option? Here is a snapshot of the benefits you’ll receive when you work with a hard money lender over a traditional bank loan.
Fast closings
Since hard money lenders give asset-based loans, we have the ability to close your loan within as little as 24 hours. Traditional banks will never be able to give you that kind of turnaround because they depend on your credit history, income, taxes and debt. Completing this paperwork can take weeks, if not months. In that amount of time, it’s very likely that someone else will snatch up the property you had your eye on. If you don’t want to risk missing out on a specific deal, working with a hard money lender is the best way to do that.
Around the clock assistance
WCP provides all of our clients with necessary and valuable information whenever you need it. If an emergency comes up with your property, you can be reassured that we have probably seen the same or a similar issue before, and we will give you the guidance and advice you need to solve it. We are a local company, so if you need information about your property’s neighborhood or the area in general, we can tell you everything you need to know. We can also connect you to local contractors and real estate agents if you are in need of those services. These are benefits that not every lender can provide.
Potential for a substantial profit
If you see an investment property but don’t have the financial strength to secure a bank loan, a private lender can help you. With our assistance, you have the potential to quickly generate a significant profit. You can have your entire project completed within a month if you want to, allowing you to profit from the deal in less time that it would have taken a traditional bank to decide whether or not they could approve your loan.
Let us know if you have any questions or comments. We appreciate your feedback!