Why Real Estate Investors Use Hard Money Loans
Quick Application, Approval, and Funding Process.
The process to get a hard money loan from Best REI Funding is easy! We only require a simple loan application and review process that could be approved within days. Most banks and lenders on the other hand have a long and detailed application and approval process. Sometimes you have to wait several weeks for an approval or even a response.
Real estate investors (REI’s) need to act quickly in order to get good deals. As a result, REI’s rely on the speed of their funding to get these deals. Banks can take up to six weeks while we can fund your deal in days.
Bring Some Weight…
Offers made with hard money loans bring some weight in the real estate industry. Investors know that banks are demanding and could pull their funding at the last minute. Bring an offer backed by Best REI Funding and they’ll know that you’re a serious buyer who’s ready to make a purchase.
Offer a “Quick Close” and you’ll bring even more weight. Investors who use bank loans have to wait 4-6 weeks to close. But motivated sellers usually want to sell their property fast. When you tell the seller that you can close in days they’re going to be more motivated to make a deal with you rather than the competition.
Financial History NOT Necessary
Banks and other lenders need to know your income, credit score, and financial history in order for you to get approved. We don’t need any of that stuff! We use the equity in the property to secure the loan. We understand real estate investors take risks. Sometimes those risks don’t work out. We don’t care if you’ve had foreclosures, bankruptcies, evictions or any negative marks on your financial history.
We’re more forgiving than the banks, so you can start investing again.
Get More Deals
Some real estate investors stick all their money into one project. But savvy REI’s use hard money loans to purchase properties instead of cash. This way they’ll have more money to purchase more properties or finish other projects. And we don’t require any monthly payments, closing costs, or down payments! They’re all rolled into the loan. Keeping even more money in your pocket!
Free-up Equity in Currently Owned Properties
You never know when a great real estate investment opportunity is going to come up. When they do, investors often need to act quickly to secure the deal. Coming up with the funds in a short period of time when all of your money is tied up can be difficult. Luckily, we offer short-term “Bridge Loans” AKA “Rehab/BRRRR Loans“ to those who have enough equity in their property.
Not a Conventional Lender
Most banks only provide up to four loans to a single person. This limits how many properties a real estate investor can invest in. We don’t have these types of limits as we’re more worried about the borrower’s equity in a house. When REI’s have multiple homes it shows their experience and their ability to use a house for collateral if needed.
If you need flexibility you need a hard money lender. Banks are not known for having a simple process. They have strict rules, demands and requirements that prevent REI’s from getting their loan approved. We have a much less strict criteria. We’re also more willing to work through and find solutions to problems that may arise with the borrower.
Free Expert Advice
When you work with Best REI Funding, know that we’re committed to building long lasting partnerships with real estate investors. We want to help you succeed and obtain financial freedom. If you have questions about how to increase a property’s value, save money, or simplify a project we want you to contact us. When we work together, we grow together.
If you want to learn more about hard money loans you can request our FREE “7 Steps to a Guaranteed Hard Money Loan Approval” eBook online.
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