- They are fast – Getting a hard money loan approved will take considerably less time than getting a traditional loan. Individual investors check the application and can decide on the spot whether or not to approve it. The extensive process an application would go through with a bank can be shortened to the incredible period of two weeks.
- They are simple – When applying for a hard money loan, you will not have to fill in endless piles of papers and wait until the lender checks your credit history and score. The hard money loan approval procedure can be reduced to the appraisal of the property you intend to use the money on. That and the application form are, most of the times, enough for the private lender to make a decision.
- They are flexible – Individual investors are very flexible and often close on deals that banks and other traditional lenders would not even consider.
Hard Money Lenders CT Approval Criteria
As mentioned above, your creditworthiness does not really matter when you apply for a hard money loan. What matters is the collateral you offer to the lender. Lenders calculate the loan to value ratio – how much the loan represents from the appraised value – and, depending on that, they approve or deny the application. If the ratio is very high, you might not get the loan. Usually, getting a loan of up to 70 – 75 % from the value of the property should not be a problem.
Contact Hard Money Lenders NLDS Corp to find out if you qualify for a loan and get the process started as soon as possible. They are among the most reliable and flexible hard money lenders CT is home to and they understand that time is of the essence in the real estate market!