Finance with a Washington Private Money Loan
Even in today’s highly competitive market, investing in real estate is a smart long-term strategy. The challenge is acquiring property when listings are limited, and prices continue to rise.
You can increase your odds of success by being financially ready when the right property comes along.
Experienced real estate investors know that hard money lenders provide fast, reliable financing that can help them beat the competition. Asset-based hard money loans allow investors to close deals quickly and increase their ROI.
But how do you find a good hard money lender?
Understanding Hard Money Loans
No two hard money lenders are the same. The loan approval process, rates, fees, and experience will differ from one lender to another. Finding a reputable private money lender that best fits you and your financing needs takes research.
It is helpful to understand how private money loans work.
Hard money lenders are private individuals who lend – and risk – their own money. The value of your property secures a hard money loan. Because of that, your credit and employment history are secondary, streamlining the approval process. Provided you have adequate equity and a reliable repayment plan, a hard money loan can be approved with money in hand within days.
How To Find a Hard Money Lender
You can often find trusted private money lenders by networking. Reliable resources include:
- Real estate agents
- Property managers
- Real estate appraisers
- Title agents & escrow officers
Conventional lenders sometimes make referrals when they are unable to provide financing. And your personal circle may also provide leads, so let anyone you know who invests that you’re looking.
Do an internet search of hard money lenders. Look for lenders with an up-to-date online presence and positive reviews from other investors.
Narrow down your list, then contact your top picks. Get a clear understanding of what they loan, how they lend, and if they feel like a good fit.
Private money lenders also need to feel good about their clients. The hard money loan process is simpler than a traditional loan. But you can make your loan request to a private lender go more smoothly with a bit of preparation.
Have a project proposal ready that includes:
- An investment deal summary (purchase price and appraisal, planned renovation and costs, after-repair value, and estimated ROI)
- Investment team information (investment partners, real estate agent, insurance agent, attorney, renovation contractors)
- Floor plan, photos, and video of the property to be acquired or improved
You’ll find a respected, experienced hard money lender with a little time and effort. If you’re considering investing in real estate, identify a private lender you like now and make them part of your team. Then you’ll be ready when you need fast financing for your next project.
We Are a Trusted Washington Hard Money Lender
Gregory M. Russell has been a go-to source for fast, reliable financing for Washington real estate investors for over three decades. We know the Pacific Northwest market. When traditional lenders say no, our experienced team and private money loan services offer flexible options. Our hard money loans are equity-based, and our approval process is streamlined. Give us a call to learn more at 1-888-477-0444; we’re happy to chat. Or complete our easy online loan request form. We enjoy working in partnership with our clients and look forward to helping finance your real estate financing needs!