If you’ve been following our blog, you may already have a firm idea of what our business is all about and how our hard money loans work. Have you ever wondered why you would need a hard money loan in the first place? We have three great yet simple reasons why.
You’ll receive funds faster. Depending on how long you’ve been in the real estate market, you’ll know that the most lucrative opportunities don’t wait for the sometimes painstakingly slow process of a bank loan. A hard money loan may be your best to finance a real estate transaction when the other option is paying in cash.
Properties requiring work. Properties that need some repairs and upkeep are often the best values in the market. If you were to approach a bank, there is a possibility of running into problems as many banks will simply refuse to provide financing for rehab properties.
No credit necessary. We’ve mentioned this one a few times. To put it simply, a bank will not lend money to someone with little or poor credit. Hard money lenders are more concerned about collateral than they are credit, which means factors like bankruptcy or foreclosure do not factor into the lender’s decision to provide financing.
This update is brought to you by Michael Internoscia, Principal Broker and CEO of hard money lenders Florida company M & M Private Lending Group. We have over three decades of experience specializing in private money real estate loans and we pride ourselves on providing our esteemed clients a service that’s personalized while delivering low rates and closing costs. We also offer mortgage note investments and have worked extensively with brokers and affiliates. Call 305-363-7169 or 954-445-4434 to speak with a lending representative about our Florida private loans or visit our website at https://mmprivatelending.com to fill out an application form.