The entire process of applying for a loan with the hard money lenders Connecticut is home to is much simpler and shorter than that of applying for a conventional loan. Nevertheless, you should be well prepared before actually submitting the application.
A hard money loan is an alternative source of financing and it does not follow the rules of traditional bank loans. Here are a few things you can do in order to boost your chances of getting approved:
- Find a project with potential – Do not stage a house or invest in a property just for the sake of doing it. Find a safe and profitable investment; a property with a great capacity of returning the loan and that is also situated in a good neighborhood.
- Sell the project – For a lender to invest in your project, you have to show them you believe in it. Do a little research on the local market, take photos, give information about similar recent purchases in the surrounding area.
- Have an accurate plan – Explain to the lender what you plan to do with the money. If repairs and renovation works are required, bring estimates from contractors and inspectors and motivate their need, as well. Knowing exactly where the money goes and why it goes there will be highly appreciated by any lender.
- Think ahead – Weigh the possibilities of repaying the loan and choose the best one. Hard money lenders want to know if you are planning to resell the property or refinance it. Having a good strategy is always a plus!
- Be professional – Return calls, provide all the needed information on time and show that you are committed to the project. Keep in mind that any delay from your side can make the lenders consider other borrowers.
If, for some reason, your business cannot qualify for a traditional loan or you need a quick cash flow, contact Hard Money Lenders HardMoneyman.com LLC. Plan carefully every step of your project, and your application will surely be approved, NDLS Corp being one of the most flexible and reliable hard money lenders Connecticut investors can hope to find.