What Private Money Lenders Want from You?
What Private Money Lenders Want from You?
Most of the time, investors are the ones scrambling to private money lenders when they need real estate financing. Ever wonder how these hard money lenders would come running to you ready to invest in your property? There are reasons why private lenders allow you to borrow huge amounts from them. It is not like they are giving away their money. If you know the way to a lender's heart, you can get the financing you need in no time.
Hard money lenders are private groups of real estate investors who have millions of dollars or somewhere along that line. They are looking for properties where they can put their money into and make a good return of investment. If they believe that your property is profitable, they would invest in that because it also means a rewarding profit for them.
So what exactly private money lenders are looking for in an investment? Here's a checklist you need to review to see if you have the chance to get hard money loans for your real estate deals.
First, you have to make sure that your property makes money. Hard money lenders want a profitable investment. They are not going to scrutinize you credit history, but they will see to it that your project would make lots of money. They want a good return of investment, that's all. Sure they want to help you, but you should see that they are also doing business here. They are also after the profit.
You must convince private money lenders that you can pull off your plan. How would they entrust you their money if you don't know what you are doing. You must present yourself as a knowledgeable investor who is supported by a concrete plan and team of experts who will help you do your project. Make them feel confident about you and the property you are eyeing.
Private money lenders create a time table to know when they're going to get their money back. For huge projects, usually they want to get their investment plus the profit within 5 years. For average projects, they have 1 to 2 years duration.
Before you apply for hard money loans, make sure you review this checklist to see if you have a good chance. It is good to be realistic than expecting way too much. A diligent investor knows how to do the business well to achieve his goals and to expect nothing but success.
Need financing for your real estate deals? Check out RehabHardMoney.com now.
http://www.articlesbase.com/real-estate-articles/what-private-money-lenders-want-from-you-2737262.html
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