THE PROS OF HARD MONEY LOANS

Beau Eckstein l http://reiloanpro.com

Hard Money Lenders

are also looking for well thought out and researched plans

it is important that the borrower can bring “skin in the game”

skin in the game – the borrower is also in the position to finance some of the project

Hard Money

are short-term

usually range from as little as 6 months to 3 years

Hard Money

not necessary to have a perfect credit

need to have a good exit strategy

Keep In Mind…

Your lender is going to need info as to

Your Project

Your Budget

Your Intention / Ability to Repay your Loan

Make sure…

To prepare info on how you plan to use the money

Work out a Budget outline

Estimated costs of Renovation/Project

Contingency Money

Pros and Cons

CONS

Some will require some sort of asset to secure the loan

Money lent is based on the value of the real estate offered as repayment

Interest Rates can be Higher

PROS

Fast approval

More focused on the offered “collateral” than the credit score

You have the ability to borrow up to 70% of the property’s value

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