How Washington Hard Money Loans Make Financing Simple
For real estate investors, hard money loans are a great option when it comes to financing. If you’re new to investing, you may be curious about how they differ from other types of loans.
Unlike traditional bank loans, hard money loans are short-term and easy qualify, making them appealing to house flippers and investors unable to acquire a conventional loan.
Thinking of investing in a fix and flip or rental property? Understanding the hard money loan approval and payment process will give you a competitive edge in the real estate market.
How Hard Money Loans are Calculated & Approved
Hard money lenders look at “hard” assets. When you apply for a hard money loan, the property you are investing in is the loan asset.
Lenders consider several factors when calculating a hard money loan. Some loans are based on a property’s “as-is value,” some on the after repair value (ARV). The length of the loan is also taken into account.
Your experience as an investor may also be considered. However, since loans are asset-based, credit and income requirements are limited. Unlike conventional banks, the underwriting and closing process is streamlined and paperwork is minimal. You can have cash in hand in a matter of days. Many hard money lenders are willing to work with customers and accelerate loans to meet tight timelines and unique situations, making hard money loans a great go-to in today’s competitive housing markets.
Interest rates are generally higher for hard money loans. But established private lenders offer competitive rates and reliable loan services.
About Gregory M. Russell Washington Hard Money Loans
Gregory M. Russell has been a trusted Washington hard money lender for over three decades, providing experienced loan services to investors throughout the Pacific Northwest. We loan on all types of property. Our rates and terms are competitive, and our approval process is streamlined. We loan up to 50% or half the purchase price of your investment property. We’ll inspect your property and review comparable sales to determine its general condition and current market value, then help you get the financing you need – fast. Learn more about how our private money loans work as well as our rates and terms. Check out our simple online loan request form or call 1-888-477-0444 to learn more. We know Washington real estate and enjoy our customer partnerships!