3 Common Hard Money Objectives Busted
As a hard money lender, I’ve heard a lot of objections and myths over the years regarding why some people don’t want to use hard money loans. There are also misconceptions surrounding hard money lenders, more people don’t get right. Get ready because I’m about to debunk the top 3 myths in hard money!
What are the most common objections about borrowing hard money that I hear?
The most common objection is, “hard money is too expensive!” But what really is your most expensive money? It’s not hard money, it’s your money. That’s right. Think about that for a minute. Your money is way more expensive than hard money. Don’t believe me? Check out this video we did on this topic called, “Why Hard Money is Your Cheapest Money.”
But back to my point, hard money is NOT your most expensive money out there. Although this is the most common objection about borrowing hard money that I hear.
What is another common hard money objectives that I hear often?
Another common objection I often hear is, “I can’t qualify for a loan because I have bad credit,” or “I have a foreclosure, or a bankruptcy,” or, “I can’t document my income.”
The truth is, YES, you can qualify for a hard money loan if you have bad credit or can’t prove your income. Hard money loans are available to people with bad credit, foreclosures. and even past bankruptcies. Yes, that’s right. And most hard money lenders don’t have an income verification requirement for loan approval either. Wait until the end of this video and I’ll explain why hard money lenders will lend to you while others won’t.
What is another common objection that I hear about using hard money?
Many people who have never gotten a hard money loan before have a misconception that hard money lenders are all loan sharks and this means they’ll surely get taken advantage of. Wrong! Not all hard money lenders are loan sharks and unethical.
So how do you determine the good lenders from the bad? Read their reviews! If they have no reviews, then find someone else who has good reviews. Good reviews, that are clearly real, are a sign that you’re dealing with an ethical hard money lender that’s not a loan shark. But be aware of fake reviews from hard money lenders that take upfront fees in advance of giving you a loan.
If you actually read the reviews, and read more than one, you can often tell if a lender’s reviews are fake. A lender’s reviews are everything! And also make sure to check to see if the lender is licensed or accredited by the Better Business Bureau. If not, find someone else. Always work with licensed and accredited lenders!
And now I’m getting to the part you wanted to hear.
Why will a hard money lender lend to you if no one else will?
Hard money loans are not “hard” to get, as the name could suggest. Hard money loans are loans against “hard assets.” That’s why they are called hard money loans because hard money loans are asset based loans and not based on credit or income.
Hard money loans are easier to get than traditional loans, not harder to get! So, if you’ve never gotten a hard money loan before, what are your objections?
Please share them in the comments below if you have your own objections. If you are open to using a hard money loan, reach out to us.
I’m Corey Dutton, I’m a private money lender and one of the best you’ll find out there. I’m also licensed, accredited, and I’ve got great reviews to back it up!