At hardmoneyman.com, we know that not everyone that comes to us wanting a bridge loan or a hard money loan is necessarily well versed in the ins and outs of this type of financial package. In truth, most of the time it’s the lack of knowledge about how these loans work that has kept people away from them to begin with. They think that higher interest rates and shorter payment terms means that there’s something “off” about this type of loan, otherwise a bank would offer it.
In most of these cases, that lack of knowledge simply reflects not understanding the critical differences between a hard money loan and bank loan, and that this type of loan serves a different purpose and clientele from a bank loan.
It’s sometimes the case that when people come to us, it is out of desperation. A loan they thought was going to come through didn’t, and if they don’t secure that financing fast, they won’t be able to move ahead with an important real estate project.
However, even if you come to us without much familiarity in the hard money loan process, by the time you come through the experience with us, not only will you have a better understanding of how this loan works, you’ll have a new appreciation for it, and its place in financing. A hard money loan is not meant to be a competitor to the traditional bank loan, and in many ways, is often a complement to it, with some of our clients eventually transitioning back to a bank loan that wouldn’t have been possible without our help.
We know exactly what the process for ensuring a successful hard money loan application, and its subsequent repayment. If you have any questions or uncertainties, you have only to ask.