Washington Hard Money Loans Are Great Options for Fix & Flips
If you’re looking for real estate financing, you may be familiar with hard money loans. However, you might also be wondering if a hard money lender is a right fit for your needs.
When used in the right scenario, privately funded hard money loans offer great options. Here’s the low-down on when and why you should apply.
When & Why to Apply for a Hard Money Loan
Real estate investors typically think of conventional banks or credit unions when considering their financing options. Those sources, however, are not always the most beneficial.
The application and approval process with a traditional lender can be arduous. Banks base loans on your credit score, employment history, assets and debts, and income level. In today’s hot housing market, where time is of the essence a conventional loan can put an investor at a disadvantage.
Equity-based hard money loans look primarily at your available collateral and repayment plan. The loan approval process is streamlined, and you can have money in hand within days.
Hard money loans are an ideal financing solution if you invest in fix and flip properties. Short-term real estate projects where the funding is used for renovation and upgrades to increase property value are a great fit. Unlike the hassle and uncertainty of conventional lenders, with a hard money lender, you can take advantage of fast financing, make improvements, then sell quickly for a profit.
Your hard money lender can also be a helpful go-to for construction loans, land loans, and other types of loans that need to be closed quickly or are considered risky by other lenders. While interest rates are typically higher than bank loans, privately funded hard money loans are the smart alternative for real estate projects with fast turnarounds. Experienced real estate investors use them to great advantage to grow their portfolios.
Our Washington Hard Money Loan Team Can Help
Whether you’re new to real estate investing or a long-time investor, Gregory M. Russell will help you meet your goals. We have provided hard money loans in Washington State for over three decades and bring a depth of real estate know-how and experience to every client partnership. As a trusted, long-time private money lender, our team enjoys each loan experience. We look forward to learning about your real estate financing needs. So give us a call at 1-888-477-0444, or simply complete our online loan request form.