Hard money loans are aimed at a specific group of buyers and owners. Just like any loan, they may not be the right choice for everyone. However, if it’s a type of loan you’re considering, it’s important not to believe the myths attached to them.
For one, hard money loans are not necessarily for people that are desperate. These loans are frequently used for commercial property investments as they are easier to obtain within a shorter amount of time. This allows investors to free up some of the equity they’ve built in existing properties without depending on the sometimes slow pace of banks.
In regards to interest rates, it is true that hard money loans have a tendency of carrying higher interest rates, but it’s worth remembering that there is a significantly greater risk involved. Also remember that the loan goes through the approval process much faster versus a bank, which means a borrower can start building equity and making money at a quicker pace.
If you’re considering going through a hard money lender for property investment, we may be able to help and potentially pre-approve you in just minutes.
This update is by Monroe Funding Corporation, a direct equity lender serving clients throughout Central and South Florida. We specialize in first mortgages on non-owner occupied residential and commercial property investments as well as real estate loan options. Our fast and flexible loan programs get you to the closing table quickly and professionally. For more information on hard money loans Miami, please call 954-816-0388 or fill out our application.