One of the best exit strategies for borrowers aiming to impress hard money lenders Miami is to do something to rebuild their credit or settle their present financial obligations during the period when the hard money loan is secured. Within the one to three-year period, you can actually do substantial changes in your credit ratings that will make it possible for you to acquire another loan in the future. In other words, if you discover that the reasons why your loan applications submitted to banks and traditional lenders are continuously rejected is your bad credit and large debt ratio, then you can use the hard money loan’s duration to clean up your records.
Another good exit strategy is to consider selling the property. If it is a house, then you should be prepared to unload it and begin a new life once it is already sold. If this is your exit plan, then rest assured that good hard money lenders Miami will always be willing to give their borrowers sufficient amount of time to sell their properties at fair prices. Selling the property will let you acquire sufficient funds to settle the loan. Other great hard money loan exit strategies include getting subprime mortgage and refinancing.