One of the most common reasons investors choose hard money loans is time. Hard money loans close significantly faster than a traditional loan, which can take months. A hard money loan, on the other hand, can be approved in a matter of weeks. Savvy investors know that time is of the essence when lucrative real estate investment deals emerge.
A hard money lender can respond to a loan request in as little as 24 hours and they can provide the funds in a mere two weeks in many cases. These timeframes can be even shorter if borrowers have all of the required documentation available upfront.
Private lenders do not have to deal with the federal oversight that a traditional lender must follow, which means there is a tremendous amount of flexibility in regards to customizing a loan based on the borrower’s unique situation and the type of deal being financed. Furthermore, private lenders have much less red tape that needs to be dealt with. If the lender you’re dealing with is relying on a third party when it comes to the funds, be careful as this could be a broker instead of a private or hard money lender.
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 hard money loan application