The best hard money lenders for investors have 5 key traits
- No upfront fees: A Reputable hard money lender does not ask for money upfront.At Fairview we need basic information to evaluate the property and then can say yes or no. This includes property address purchase price (on a refi how much is owed), how much you are putting down, etc… Some lenders require appraisals, but at Fairview we do everything in house and do not require an appraisal.
- Honest Answers Quickly:The best hard money lenders provide honest answers quickly. At Fairview we look through thousands of files a year and can tell you very quickly if a deal fits our lending parameters or not. Sometimes a quick no is better than a protracted maybe. At Fairview, we keep it simple, yes or no on a funding.
- Quick Fundings:The goal of the best hard money lender is to actually fund quickly. At Fairview we focus on closings in 7-10 days or less depending on the circumstances.
- Proven Track Record in the industry:The best hard money lenders have a proven track record and relationships with attorneys, title companies, realtors, etc.. to ensure the transaction closes quickly and smoothly. Find an experienced hard money lender is critical.
- Lends own money:Finding a hard money lender that lends their own money is critical. At Fairview we lend our own money and hold and service all of our loans which gives us flexibility to think outside the box when needed to ensure a loan gets closed quickly with no red tape.
Locating the best hard money lender for an investor is absolutely critical. A good hard money lender will ensure investors long term success by providing needed capital quickly without red tape and no upfront fees. It is imperative that you use the five tips above to locate the best hard money lender for an investor or anyone who needs capital quickly on an investment residential or commercial property.
