Life can be difficult. We all experience challenges that we either have to overcome, or just get through. It’s easy to think that any difficulties you might be dealing with are the end of the world, and no one will understand what you’re going through. A hard money lender can change that feeling. Hard money lenders are very informal lenders and look at you as a person, not just as a money lender. They understand that the banks have their own customers and need to focus on those customers. Here are some reasons why you might want to get a hard money loan.
i. Fast and Simple
Many hard money lenders can provide you with a loan in as little as 24 hours. You don’t have to go through a lengthy application process, and you don’t need to provide any guarantees or paperwork. The lender makes the decision to give you a loan, or not. You won’t have to worry about going to a bank and having the bank refuse to give you a loan or having them ask for paperwork that you don’t want to provide.
ii. No Bank Involvement
While banks can be helpful, they can also make it difficult to get a loan. If you don’t have the exact paperwork they need, the bank may refuse to provide you with a loan. This could be frustrating and confusing for you. With a hard money lender, you never have to worry about this. Since the bank isn’t involved in the lending process, they don’t care if you provide one piece of paperwork or another. They also don’t care if you don’t provide any paperwork at all.
iii. Less Paperwork
Many of the documentation you need to provide to get a loan from a bank can be time-consuming. You might have to provide your past tax returns, an appraisal of your house, and more. The documents can be time-consuming, and you might not have easy access to get them. With a hard money loan, you simply tell the lender what property you want to purchase and why. If the lender thinks that your reasoning is viable, he or she will provide you with a loan. It is that simple. You don’t have to spend a lot of time and energy wrestling with paperwork and red tape, and you can move on with your life.
iv. Flexible Terms
A hard money lender might also provide you with different terms than banks. Since the lender doesn’t have to worry about the bank, he or she can give you a loan for a longer time period or with more money than a traditional bank would. A traditional bank may not be willing to provide you with a term as long as four years.
You may be able to get hard money loans with less stress than you would experience if you were to go to a bank. The loans are simple, fast, and informal. Hard money lenders don’t care if you don’t have your paperwork in order because they aren’t involved in that process. If you want to get a loan quickly, with less hassle and headaches, you might want to consider getting a hard money loan.