Hard money is it for you?

Hard money is it for you?

Why should I go hard money for my real estate deals?

1. Banks just aren't lending for most properties these days.

2. Do you really want to wait 60-90 days for a bank to make a decision and then they just turn your loan turn you down?

3. Can you provide a bank with 2-3 years of your tax returns? pay stubs? solid employment history? bank statements? And all of your debts including your new mortgage that you are applying for total less than 40% of your monthly income?

4. If your buying a multi-family property can you provide 2 years of profit and loss for the property if you dont even own the property yet?

5. Does the property income service the debt? Meaning do you make more money in rental income than your monthly loan payment will be?

6. Does the property need work? If it does, depending on the amount of work needed, will the bank consider this to be a 'bankable loan'?

7. Have you ever had any mortgage late payments on any properties you own?

If you answer yes to any of the above questions or your not sure if you fit in the basic guidelines above than your bank will probably turn down your commercial loan request. Now your back to square one.

This is where hard money comes in. We are here to fund deals that make sense. Are you self employed, but don't show a lotof income, but are sitting on a bunch of money in the bank. Well traditional banks don't care about this anymore. That is why more and more real estate investors are looking for hard money lenders to close their commercial loans.

We are here when banks arent! Its that simple. Lets say you find a property you want to purchase, you have 40% of the purchase price as a down payment but your bank said NO! What do you do? You get ahard money loan. Plain and simple. Your 40% down will be considered skin in the game and that will usually be enough for a hard money lender to make a loan to you. If your under the misconception that because you have great credit and 20% down and want to buy an commercial investment property that your bank will fund it, think again. But dont think too hard. You should be thinking only one thing! Where can I findhard money for my deal?

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