You have tried every self-proclaimed hard money lender in your area and found little difference between their guidelines and those of conventional lenders. Are you looking for a true hard money lender who can fund you in less than seven days?
You've come to the right place if you answered yes to any of these questions. This article will assist you in finding the right answers to your questions.
You can also hire the best Florida hard money lender via https://taylormadelendingllc.com/.
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What are the characteristics of a "real" hard-money lender company?
You need to first understand the differences between real and fake lenders. There are solid reasons to choose a real hard money lender over one that is phony.
Difference #1 – A real hard money lender won't care about your credit history. Real lenders will not conditionally finance you if your credit score isn't good. Many hard money lenders will tell you that they don’t care about your credit, but they will insist that the minimum credit score they require is 600.
This is because these lenders are packaging their loans to Wall Street or banks. In the end, they will have to comply with all the legal requirements established by traditional lenders. A person with a poor credit history can't afford to do this.
Difference #2- A real lender only cares about the collateral you are willing and able to invest in. The lender will have your property assessed by independent professionals who will examine it without preconceptions.
The lender will be provided with a price for the property, as well as a repair cost and an estimated after-repair value (ARV). If they feel it is good enough, they will finance you immediately.