Do you need capital for real estate? If so, you might want to ask yourself, are there hard money lenders near me? Consider the experts at Fidelity Funding in Los Angeles and Glendale, where we specialize in providing loans to almost any type of property. This includes both residential and commercial.
6 Steps to Getting Approved With “Hard Money Lenders Near Me”
1. Select a Viable Project
In order to secure a hard money loan, you need to have a project in mind, and you need to be sure you have a complete and well-detailed plan. If you have the experience, it’s important to demonstrate how this experience has worked for you in the past. Remember, the more specific you are, the more likely it is that you’ll be approved.
2. Ask Yourself, “Who Are the Hard Money Lenders Near Me?”
When you find these lenders, it’s important to do your research. Be sure they have interests that neatly dovetail with the purpose of your loan.
3. Complete a Detailed Executive Summary
An executive summary is a statement that summarizes the scope of your project. This includes the reason behind the loan, the amount, and a complete timeline that outlines the progress of the proposal.
Remember: while an executive summary should not belong, it should be detailed. You want to instill a sense of confidence in the lender to ensure that your project will be a worthwhile investment.
4. Complete Your Loan Application
This will contain all your complete personal financial statements. This is necessary for lenders to review. Be sure these are accurate and informative. If you are doing a renovation project, be sure that you have detailed information about the scope of the project, the cost, and the timeframe.
5. Take Pictures of the Property and Include Them With Your Application
Providing pictures of the property and of the neighborhood where it resides can help your case.
6. Remember to Demonstrate the Return on Investment
Lenders want to be sure that their hard money loan will result in an increased value for the property. This could be by an increase in occupancy numbers or even presenting a case for higher rental rates. If you have this information, you should be sure to showcase it to your potential lender.
Some Additional Useful Tips to Remember
We’ve reviewed some essential steps for getting your hard money loan, but there are some additional tips you should consider as well if you’re asking, where can I find these hard money lenders near me.
Demonstrate Your Competence
Remember that lenders aren’t only looking at the bottom line: they’re also looking at your attitude. Are you providing all the information that they need to make a decision? Are you keeping in touch with them? Did you present yourself in a professional manner? All of these show that you are a dependable borrower.
See the Venture as a Partnership
Investing in real estate? Want to have expert advice? If you work with a reputable hard money lender, you could have an advantage.
These experts will give their honest opinion. They also won’t be shy about mentioning anything that they believe could jeopardize the project. How does this help you?
First, it helps you avoid certain pitfalls if you’re working on a project. Second, it also strengthens your position by helping you revisit details to make your proposal stronger.
What Are the Benefits of Hard Money Loans?
In some ways, they may be more expensive than traditional loans, but unlike traditional loans, hard money loans offer some very distinct advantages.
Easier Approval
If your credit is less than stellar, you’ll have difficulty getting the loan you need. Even if you have a thin credit history, getting traditional funding is often difficult at best. Because hard money loans use collateral, there is less dependence upon a credit score, and there’s less emphasis on your credit or loan history.
Flexibility
Because you’re not dealing with large corporations or massive banks, these money lenders are more flexible. In fact, you can often speak directly to one of the main officers who will work closely with you on your loan plan.
There’s No “One Size Fits All”
Every single loan is dealt with on a case-by-case basis. In many instances, you can be offered tweaks to your plan in order to help you. Because of this individualized attention, you’ll often get better results.
Speed
Hard money lenders also get you the funds you need rapidly. Why? Because the loan is backed by collateral, and this streamlines the approval process.
Multiple Loans to a Single Borrower
In certain cases, banks may not lend more loans to one single borrower. However, with hard money lenders, there is a difference. You see, hard money lenders primarily concentrate on the equity in a property.
Be Sure the Lender Is Easy to Work With
Make sure that you work with a hard money lender who gives you time and carefully evaluates your situation from the first time you call and gives you a clear and concise direction. With a reputable lender, you should be able to get the information you need from the first call. This means getting the quote of a good rate and terms and getting back into touch with you after a few hours.
Most important, you have to understand if the money belongs to the institution or if it is investor money. At the end of the day, you want the person who is on the other end of the call to be the one who can make the decision of whether or not to give you the money. And if that person is not the one who will make that decision? Consider that a red flag. This is most likely not the lender you want to deal with.
Fidelity Funding Helps You With Hard Money Loans
Fidelity Funding in Los Angeles and Glendale specializes in providing hard money loans in addition to trust deeds and home equity lines of credit. Loans can be provided to almost every type of property. Contact Fidelity Funding today.
