There may come a time when you’ll find yourself in a scenario trying to determine whether a hard money loan or a traditional loan is the best way to go. Should you need some assistance, the following scenarios are great reasons to give hard money loans strong consideration.
Flipping. Flipping projects tend to draw strong interest among investors as they can result in a major profit. In many cases, the condition of the property means an investor can quickly secure the financing to make a profitable investment by choosing a hard money loan.
Competition. The real estate investing can become fiercely competitive if a lucrative property pops up on the market that you will know will make a valuable asset for your burgeoning portfolio. You may, for example, not have the cash upfront or you can’t secure financing for the full purchase. What’s more, that loan approval isn’t coming through fast enough. Since a hard money loan can close in a matter of hours versus weeks, this can give an investor a significant advantage among competitors.
A construction project. You have a plot of land that’s sitting which you plan to build your vision. You are aware of the investment capital to get the project started, and you’d prefer to begin as soon as possible. However, because of the nature of the construction process, it’s tricky to determine the money you’ll require, or how long it will be needed. A short term can be highly effective.
This update is by hard money lenders Miami company 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 lending FL or hard money loans Miami, please call 954-816-0388 or fill out our application.