A hard money loan is a short-term loan that can be borrowed quickly and is generally backed by the market value of a physical asset such as a car or a real estate property. The loan is borrowed from an individual or a group of private investors instead of traditional mortgage lenders such as banks and other financial institutions. It is on the value of the property that the amount is calculated and lent to the borrower. So, the hard money lender is very much interested in the value of the property.
These are some of the great benefits of choosing a hard money loan over the soft loan.
Fast and Simple:-
The closure of hard money loans is way much faster than a traditional loan. The reason is the lender is much concerned about the collateral than the credibility of the borrower. The lender is not interested to take the possession of your asset but, at the same time, he does not assess your credit score, review your financial statement, or verify your income. If you already have a good affinity with the lender, the approval process of the loan becomes much faster.
Highly Flexible:-
Hard money agreements do not have any strict guidelines and stringent policies. These are very much flexible than traditional loans. Each deal has different conditions and repayment schedules. Often, the repayment schedules and amount can also be changed under certain circumstances.
Easy Approval:-
Even if a person has great credit scores and consistent income, the process of loan approval is pathetically lengthy and slow. And, if the credit scores are very low, the process will take much longer and you may also not get any loan approval in the end.
“Ready Hard Money” is one such trusted company that can provide bridge loan Miami Florida to the individuals who need money fast. Our company is ready anytime to provide you financial assistance. Instead of the borrower, we rely on the property for the approval of bridge loan Miami Dade.