No bank will offer it to you, especially if your credit history is not very good or you cannot prove that you have a steady income, consistent enough to ensure the repayment of the loan. Hard money lenders are not afraid to take chances and, if they believe in your project, they will surely offer you the financing you need. The projects they usually finance involve:
- Purchasing a new property – For those activating in real estate, Kentucky hard money lenders can provide the money they need in order to cover the costs of the property they are interested in until they manage to secure cheaper financing. For commercial real estate owners, these lenders can provide the helping hand they need to stop paying rent and becoming the owners of their business premises.
- Rehabbing and staging – Rehabilitating a property is a great way to increase its market value, and many real estate investors make fortunes by buying abandoned homes, rehabilitating them and selling them for twice their initial price or more. When they run out of money in the middle of the works, they take hard money loans to see their project completed. They sell the property fast, repay their loan and still make a nice profit.
- Meeting contract terms and deadlines – When you have a contract signed and not enough money to honor your obligations, borrowing from a third party and paying interest is preferable to being late or breaking the terms of the contract and losing clients.
- Keeping up with the competition – No matter the business sector you activate in, keeping up with your competition is preferable to being left behind and losing customers or, worse, risking bankruptcy. When you do not have enough money to invest in new equipment and upgrades, the Kentucky hard money lenders can help you get back on your feet and meet the high standards that will ensure the success of your business.