There is a way you can borrow money without using the traditional mortgage lenders and that is what is referred to as hard money. As long as you have collateral, an individual or even an investor will offer you the money you want. In the event that you need the money within a short period of time then hard money is the best option. If the traditional lenders have been taking you in circles in matters to do with loan approval then you will find this option amazing. You can be waiting for months for your loan to be approved if you go the traditional way of borrowing a loan not to mention the many conditions to be fulfilled before the process can go ahead. Things will be different if you settle for hard money though. Your ability to secure the loan you want will be determined by the collateral you are providing for the loan. You won't be bothered to confirm whether you can repay the loan or not.
The most important aspect that is considered when you are getting private money lending ny loan is the value of the collateral you are providing. These loans have to be repaid in less than 5 years in most cases. First of all, you will enjoy the speed at which hard money is processed. The only thing that will be standing between you and loan approval will be asset valuation.
Don't go in assuming that these lenders repossess items with smiles on their faces because they are always happy when borrowers repay all the money as planned. The beauty of it is that no one will bother you too much about bank statements or income in getting hard money but these are some of the steps that make loan processing take ages when you opt for traditional mortgage lenders. Traditional lenders can have you losing out on many great investment opportunities because they took too much time before approving the loan. Check out this website at http://money.cnn.com/2014/07/17/smallbusiness/alternative-financing/ to know more about loans.
Additionally, hard money comes with a lot of flexibility. The fix n flip loans ny agreement will be based on the situation but you won't get this with traditional lenders. The underwriting process in the case of hard money is done per case rather than following a standardized one as is the case with traditional lenders. This puts you in a great position to negotiate with a particular lender especially on matters to do with the repayment schedule. The negotiations are not with a corporate but rather one individual which means there is a high chance that he or she will offer a listening ear when there is something you need to get off your chest. The approval rates are high and the process is fast which has seen a lot of people opt for this.
