Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x

Posted over 9 years ago

Tips On How To Find The Right Hard Money Lender

I just read an article from the Trust Deed Capital Blog and in it they adequately cover the 4 key aspects one should keep in mind when thinking of getting a hard money loan.

There are [unfortunately] Lenders out there who just want to take advantage of you, resulting in your loss. So, being an individual home owner looking to refinance to consolidate debt or a renter who wants to buy a home for their family or even an investor looking to fix and resell property, hard money loans can be quite beneficial - IF done with a legitimate and expert Lender.

Normal 1434750348 Hard Money Hand Off

These four points are important to find out and review before choosing your hard money lender: (detailed in more detail in this link from Trust Deed Capital blog - http://www.trustdeedcapital.com/blog/4-tips-for-finding-the-right-hard-money-lenders-for-your-rei-team?utm_source=hs_email&utm_medium=email&utm_content=18512012&_hsenc=p2ANqtz--cVz4occ-YGIZLJQYyNZ6iJ_iyQLnxCQbMiskz1gj9nr9zRodV2Jkph6g8f-NLcWppFRGeh4P8-NRFYRbIW6Ro13jVpw&_hsmi=18512012

#1. Funds availability of that Lender - you don't want to be held up by slow funding or even too short a time period allowed by that Lender.

#2. Reasonable Terms and Finance Rates - compare them with other Lenders. Hard Money generally averages 10-12% interest only with no upfront fees.

#3. Good References from Other Clients - testimonials [or lack of] on a website or Yelp or Google+ can really tell you a lot about a particular Lender or company.

#4. Licensed, Bonded and Insured - there are numerous regulations and insurances that a hard money Lender is required to follow, all for your safety.

These all play key aspects in a successful hard money loan transaction and your happiness with the results. So locate a reputable Hard Money Lender who fits these 4 points!

Best, Ken

Hard Money Loan Originator of family owned company, Sun Pacific Mortgage & Real Estate, Hard Money Lenders serving all of California since 1988! www.Sunpacmortgage.com


Comments