A real estate investor does need hard money loans every now and then. If you are a new investor, chances are that you are not aware of just how beneficial San Diego private money loans can be and the ease of qualifying.
Listed below are chief occasions when you may want to secure a private money loan against a San Diego property:
1) When you have No Access to Traditional Funding
These loans are suited to those borrowers who, for certain reasons, do not have or are denied access to the traditional methods of funding. At times, you may need short term capital access within a week. Banks cannot help in such cases but private money lenders certainly can.
2) Your Financial Position Doesn’t Matter
Whether you are an established real estate developer, a new company or a small time investor doesn’t matter to lenders who deal in private money. As long as you have the collateral ready, hard money loans can be available to you. These loans can also be repaid more quickly than others.
3) Quicker Procedure
Although the borrower has to adhere to various rules and regulations, the process of getting a loan approved is much easier and faster than other traditional funding methods. Since there’s collateral involved and it’s an asset based loan, lenders need not spend too much time analyzing your financial position, credit history and other such factors.
4) More Flexible
Such loans on San Diego properties are not only easier to get but also much more flexible than various schemes offered by mortgage companies. The fact that the lenders look after each and every deal individually works to your advantage. And, since they don’t have any specific underwriting process, you may adjust repayment structure according to your specific needs.