Are you interested in flipping houses but struggling to secure financing? Look no further than hard money lenders. In this video, we'll explain everything you need to know about hard money loans and how to find the right lender for your first flip. We'll cover the pros and cons of using hard money, as well as what lenders look for when evaluating potential borrowers. Whether you're a seasoned real estate investor or just getting started, this video is a must-watch. So, if you want to learn how to fund your first flip and achieve your real estate investing goals, click play now! Real estate investing is a great way to make money; if you follow the right steps, you can succeed.
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0:01 Chapter 1: Introduction 2:03 Chapter 2: Hard Money Lenders Defined 2:56 Chapter 3: Advantages of Hard Money Loans 4:56 Chapter 4: Drawbacks of Hard Money Loans 5:20 Chapter 5: Finding a Hard Money Lender 6:20 Chapter 6: Loan Limits for Hard Money Lenders 6:48 Chapter 7: Securing Payment for Hard Money Lenders 10:58 Chapter 8: Choosing the Best Hard Money Lender 11:35 Chapter 9: Preparing to Contact Hard Money Lenders
Hard Money Loans & Hard Money Lenders
What are Hard money loans?
Hard money loans are a type of loan that is secured by real estate and are typically used for short-term financing. The loan is usually funded by private investors or a group of investors, and the terms of the loan are usually more flexible than traditional bank loans.
The main advantage of hard money loans is that they are easier to obtain than traditional bank loans. Hard money lenders are typically more willing to take on riskier borrowers, and they often have less stringent requirements for credit scores and income verification. Additionally, hard money loans can be closed quickly, sometimes within a few days or weeks.
The downside of hard money loans is that they typically have higher interest rates than traditional bank loans. Additionally, the terms of the loan may be more restrictive, such as requiring a larger down payment or a shorter repayment period.
Overall, hard money loans can be a good option for those who need quick financing but don't qualify for traditional bank loans. However, it's important to understand the risks involved before taking out a hard money loan.
The main risks associated with hard money loans are that they have higher interest rates than traditional bank loans and the terms of the loan may be more restrictive. Which is why it is important to do your research before choosing a lender.
In this video we also discuss How to Find a Hard Money Lender: Tips and Tricks
