Private hard money lenders are distinctly different from traditional money lenders such as banks and financial institutions. The best thing about hard money lenders is their flexibility: they have the ability to lend money for real estate projects that traditional lenders won’t fund. Hard money lenders can also specifically tailor loans to borrowers by focusing on the borrowers’ needs.
Since hard money lenders differ from one another due to their service levels, locations, and loan sizes, it’s important to find the best fit for you. Without further ado, here are the top tips for choosing a hard money lender to pay attention to.
Determine Your Own Loan Needs
A variety of diverse real estate loan types is available for borrowers’ hard money financing needs. Instead of searching broadly for hard money services, you need to choose a lender that specializes in the type of financing you’re looking for, such as foreclosure, commercial properties, residential, or rehab loans. Transparency of rates and services should be clear. You should be able to identify which loan presents the least risk for you and be prepared to pitch the project appropriately with all your bases covered. Hard money lending is a two-way street.
Focus the Search Locally
Location, location, location. Finding a private lending service in your specific area is another of the top tips for choosing a hard money lender. For the best flexibility in terms and conditions, a lender should be able to work closely with you. It’s crucial to find a private lender in your area that can properly inspect the property in person. By doing so, you can ensure you don’t need to waste precious time to educate the lender on the local real estate market. Instead, you might just get some valuable insight tailored directly to yourself.
Consider Reputation and Experience
Hard money lending is a particular niche market. A lender’s reputation is key to avoiding scams or mistakes throughout the application, approval, or funding process. When you’re choosing a quality private lender in your area, check over their experience, past funding transactions, and client feedback on their services. This way, you’re sure to find the right fit.
If you’re on the hunt for hard money lenders in Orange County, look no further than Val-Chris Investments. Our private lending services offer creative solutions to fit the needs and requirements of our borrowers. We pride ourselves on giving the highest-quality service to our customers, with a guaranteed fast turnaround. To learn more about our specialized lending services, contact us today. With our long history in the business, our experienced team is here to help.