As banks remain to stick to the strict underwriting procedures, many loan borrowers fall out of these bank guidelines. Anyone having acquiring a private loan is evidently a result of the property mortgage or any other option available. The most popular and immediate option available is bridge loan, also termed as hard money loan. The basis of acquiring a “bridge loan” is bridging the financial gap for a borrower. A hard money loan typically is a short term loan varying between a time periods of 6 months to 3 years. The chief idea behind a hard money loan is to provide financial assistance to a borrower, allowing him time and resources for getting into more profitable product or the borrower decides to sell the property after its rehabilitation. The popularity of hard money loans in Colorado have increased undoubtedly as the dip in economy has created various unique situations for borrowers to invest in different options and make profits.
Talking of the advantages of hard money, you loan gets approved within a week or less. Since hard money lenders doesn’t need to wait for any appraisal, you private loan in approved easily, without any hassle. The process for funding the loan is quite simple and quick. And yes! Acquisition of a hard money loan can be structured in a number of ways, all depending upon the respective hard money lender.
A well-established private money lender in Colorado is specialized in financing commercial real estate properties that the traditional sources of financing including banks and other institutional lenders are unable to fund. A hard money lender also funds private loans on multi-family or residential investment possessions.
Hard money lending is solely based upon 5 values including speed, fair pricing, and flexibility. A genuine hard money lender strongly believes in all these values and allows a better service to both borrowers and the investors.
As a Colorado hard money lender serving in the private capital fund industry, they strive to offer the best and lowest hard money loan rates that can adapt the loan program, fitting the needs of an unpredictable residential and commercial real estate industry. The mercurial changes of this real estate industry holds a need for new, creative, and flexible money lending strategies that offers a borrower the best options to go for in the private hard money lending market.