No bank can offer a mortgage if you wish to invest in a property that is in bad condition. But this is where hard money lender comes in handy.
One of the many problems of real estate investors is financing their investment property. Although they could easily apply for a loan, banks will not approve your loan if they consider the property a bad investment because of its condition.
Taking Advantage of Hard Money Lender Offer
A hard money loan is like any other loan. That is, you will receive a sum of money from a lender. The terms may vary from one lending company to another. To process the loan, you will need to pay a one-time fee.
The lender has to protect its investment by backing the loan from the property you purchased.
Lenders of hard money loan have a way to handle risky investments. They are not like banks that will only lend money to borrowers who are looking into stable investments. Thus, if you wish to conduct a quick property flip project, you may apply for a hard money loan from US Direct Lender.
You may also use a hard money loan when you need to purchase an income property. Then, work hard to stabilize it so you can secure a traditional mortgage with a lower interest rate. From there, you can pay off your hard money loan.
Is It an Option for Individuals with a Poor Credit Score?
Yes, it is. Even if you have a poor credit score, your loan will be approved, provided you have sufficient equity in the property. It is especially useful if you are facing foreclosure on your property.
One of the best things about a hard money loan is that process is quicker than when you apply for it from a bank. The reason for this is that the lender is not interested in your credit score. Thus, it will not conduct any credit score assessment. It also does not mind how much debt you have.
What the lender is interested in is the value of the property. Depending on the lender, your loan could be approved in days. At US Direct Lender, we will process your loan immediately and approve it in 48 hours.
Apart from that, we can let you borrow more. But you may need to pay the origination fee.
US Direct Lender Offering Low Rates
We offer various types of loans with low fixed interest rates. The refinance loans you can get from us will help you start up an investment property project.
We even offer high balance loans. And if you do not have a traditional job, you can apply for a hard money loan with documents requirements.
At US Direct Lender, we understand that some people experience unexpected finances that could lead to foreclosure. Bankruptcies may also occur. If you are facing these challenges, our lending company can help.
To find out more about the other loans offered by US Direct Lender, a hard money lender in Los Angeles, please call us at (626) 460-8900