Loan Amount: $1,250,000
Loan Amount: $500,000
Loan Amount: $250,000
Loan Amount: $375,000
Using Hard Money Loans for Real Estate Investments in Queens
#1 Quick Approval
A lot of people wonder when and why they should borrow hard money loans. Hard money loans Queens is a well-established venture. However, these loans are not meant to handle all types of deals. This is why you should be careful with the loan you borrow. People who have good credit scores and no issues with conventional financing methods will be able to bag a loan easily. However, people with low credit scores should opt for hard money loans. As suggested by its name, these loans are meant to help individuals with low credit scores. Hard money loans queens will help you handle the following deals:
1) Construction works
2) Fixes and flips
3) Land loans
4) When you want to pay a real estate investor as soon as possible
So, who should make use of hard money loans Queens? Real estate investors exploit through hard money loan opportunities for many reasons. In general, hard money lenders take care of loans that should be funded quickly. In fact, some lenders tend to fund within few weeks. When compared against traditional loans that take a month or two to get funded – hard money loans are very quick. You will be astonished to hear that some lenders approve the loan in 24 short hours.
#2 Grabbing Attention
The ability to bag a hard money loan quickly is considered as a great benefit for real estate investors. If you are planning to buy a property in the midst of many competing bids, hard money loans will be very useful. You will have the competency to grab the attention of the seller quickly. The loan will give you an edge over other buyers.
#3 Facing Rejection
Hard money loans are useful for those who have faced rejection from traditional lenders. Indeed, life doesn’t happen as planned all the time. You may come across credit problems, shortage of sales and foreclosures at random hours. Another important factor that influences the approval of bank loans is your credit history. All banks look at your income history before approving loans. So, if you are hunting for a job, traditional lenders may not approve the loan. In such situations, hard money lenders will be very helpful. They will give you the loan without much verification. And, as you repay the loan, you will be provided with more money.