There’s no question, when it comes to the real estate investment business, private and hard money lenders are important. Many of the biggest hard money lenders who lent heavily before the crash, are now out of business. But some of those who used to lend are still in the private money lending business and doing better than ever.
If you are a real estate investor, there is a need to have quick access to loans when presented with an opportunity. Since it is now much harder to get loans through banks, private money lenders are more important than ever in today’s real estate market.
Hard Money Commercial Loans are not what they used to be. Before 2007, it was easy to get quick underwriting and a fast closing on a commercial loan. Since 2008, a lot of commercial lenders have closed their doors. And for those lenders who have remained in the business, underwriting guidelines have completely changed, making it harder to get the commercial loans that used to be easy to close.
There are a lot of obvious reasons for why there has been an increased caution with underwriting commercial loans. Ever since the banks have increased their underwriting criteria and standards, more people have been forced to use Commercial Hard Money Lenders and Bridge Lenders for financing their commercial real estate. And even the hard money lenders have stiffened their requirements in recent years.
Will Commercial Bridge Lenders and Commercial Private Money Lenders provide the liquidity needed to stabilize the commercial real estate sector? Private Money Utah is working hard to provide badly needed financing for all types of commercial properties including: Senior housing, Assisted Living, Commercial Mixed Use, Commercial Office, and Commercial Industrial and Warehouse.
Take a second to review our commercial loan programs and submit your request for financing today. When banks aren’t lending, it’s hard to know who to trust. We are a reputable resource for private money loans all over the U.S.A.
Since the banking crisis of 2008, residential mortgages and real estate loans in California, and other States in the U.S., have become scarce for many real estate investors. For real estate investors seeking Real Estate Loans, those who are in need of capital are needing the help of private or hard money lenders in order to fill their immediate needs.
Most banks are not known to offer Hard Money Real Estate loans. But nowadays, with the changes that have been happening in the market, private money lenders and investors are providing quick approvals and closings. This is an advantage in the current market, because banks take a long time to underwrite a loan and fund. For a savvy real estate investor who understands how to submit offers, using a hard money or private money loan, can be the quickest way to take advantage of an investment opportunity. With hard money rehab loans, investors can stretch their precious cash out over multiple investment properties simultaneously.
The need for hard money loans is fast growing among real estate investors. Find out more by submitting a comment below. We’ll email you about our rehab loans.
What is Hard Money? People ask me this all the time. A private money loan and a hard money loan are used interchangeably to mean the same thing. A non-bank loan, back by individual or private investment group instead of a bank. A private loan is typically faster and can fund in one day up to 30 days, depending on the complexity of the deal. More flexibility often means higher interest rates, from 7% to 18%.
The qualifications are less harsh, some lenders don’t even require a basic loan application or credit report, they just want to inspect the property. While others want to see nearly as much documentation as a bank, but can still move faster than a bank could. Collateral is the most important to a non-bank lender. You must have a real estate asset to use as collateral for this type of loan.
The most important thing about a hard money loan…To find a lender you can trust. Private Money Utah is your trusted resource for private money and hard money loans in California, Utah, Colorado, Arizona, Oregon, Washington, Texas, Georgia, New York, New Jersey, Virginia, and Chicago, Illinois.