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Often referred to as private money, these loans are a specialized financing tool, in which the loan is secured by a valuable asset, such as real estate. Considering the fact that some borrowers are finding it harder to get money from banks, either due to poor credit rating or lack of balance sheet history, many fix and flippers are opting for hard money loans. In the DC area, access to hard money loans in Virginia and Maryland are equally important.In addition to offering flexible structure and no prepayment penalties, hard money loans in Maryland, Virginia, and DC relieve the borrower from the hassles of extensive documentation and financial background review.Here are the top five advantages of hard money loans:1. Speed – While traditional lending entities like banks may take months to approve loans, hard money lenders, can approve and fund in as quick as 2 to 3 days. Hard money loans, in short, are easier to acquire than a bank loan and cut through the red tape.2. Money matters – With hard money loans, real estate investors can typically borrow a larger amount of money as compared to a bank loan. The reason behind this benefit comes from the fact that the loan amount is based on the collateral’s ARV, short for After Repair Value.3. Fewer requirements – When compared to bank loans, hard money lenders have fewer qualification requirements – such as credit rating and balance sheet history. For many, fewer requirements and paperwork means a higher likelihood of loan approval.4. Extended opportunities – Hard money loans provide new opportunities to real estate investors who want to invest in certain properties that conventional lenders won’t financing. It goes without saying, that banks are extremely risk-averse and will not grant a loan on properties falling outside of their strict lending criteria. In situations like this, borrowers can turn to hard money lenders to quickly obtain a loan to purchase a property in need of serious rehab.5. Flexibility – In general, financial institutions take a one-size-fits-all approach when it comes to loan terms and conditions, giving little to no room for flexibility. Hard money lenders, on the other hand, can efficiently structure the repayment and terms in ways that are favorable to both the lender and the borrower.At the end of the day, hard money loans edge out traditional ways of funding properties due to the fact that these types of lenders are not tied down by the stringent rules and regulations that govern conventional lending institutions. In addition to the flexibility, funding is fast, which in many cases, is the most crucial component of laying the groundwork for a profitable fix and flip. Article Tags: Hard Money Loans, Hard Money Lenders, Hard Money, Money Loans, Real Estate, Money Lenders
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