The Main Benefits of Hard Money Loans:
1) Borrowers can qualify with non conforming guidelines, low credit, inconsistent income, or any other of the myriad of reasons a traditional bank would disqualify you. Because their underwriting guidelines are different, many more borrowers can qualify for a hard money loan.
2) Closings are quick and easy and can be financed in as little as 3 days.
3) Financing requires less paperwork and more reliance upon the equity of the subject property.
4) Investing in hard money can generate larger income returns for both lenders and borrowers. Because of short turn around times investors can leverage their money to close more deals in a shorter amount of time.
5) Often appraisals are not needed as the valuation models supplied by the lenders and brokers are more relevant.
6) Lenders can invest up to 85-90% of purchase price depending on their valuation or future valuation of a property. Joint Venture partners can lend even more.
7) There are many reasons to use hard money: REO Purchases, Fix and Flips, Short Sales, Gap loans, Bridge loans, Construction loans, Probate loans, Rehab, and Remodeling.
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