As a real estate investor, no matter if you are buying, flipping or rehabilitating properties, you will most likely exceed your budget at a certain point, and that is when the services offered by the hard money lenders New York will come in handy.
Why Do Budgets Get Exceeded?
No matter how well you plan your projects and how professional the contractors you work with are, unforeseen problems will always appear. As you may have seen by yourself, such problems also bring about additional costs, no matter if they refer to actual construction works, extra materials or paperwork.
Three Examples of Unforeseen Expenses That Can Be Covered With The Help Of The Hard Money Lenders New York
- Rehabbing or Staging – When you have some money available and you find a great deal on a property, all you care about is buying it. However, you will need to pay for the rehab works, and, when you are putting the property back on the market, staging might help you sell it faster and for a higher price. Luckily for you, all of these works can be financed with a hard money loan.
- Unexpected Additional Works – Perhaps you planned on keeping the building’s existing plumbing line only to find out that it is damaged beyond repair or perhaps the roof is in a worse condition than the preliminary inspection showed. No matter what changes in your initial plan, any additional work will cost you money and, when you don’t have it, turning to the hard money lenders New York is the best thing you can do.
- Additional Materials Required – Your contractor might have made a mistake when estimating the quantities, or might have discovered additional damage that requires the use of different materials. Whatever the case, you need to come up with money to pay for those materials, and that is what a hard money loan can provide.
How Does The Hard Money Loan Solve Your Funding Problems?
- You can get the money you need in no more than a week from applying;
- The application procedure is simple, asset based, so bureaucracy is reduced to a minimum;
- The repayment period is usually short, but can be negotiated according to your needs – the bottom line is that you only pay interest for the amount of time you use the lent money.
Obviously, the best way to find out what the implications of taking a hard money loan are is to discuss directly with hard money lenders New York like NDLS Corp, who are more than happy to provide you with the answers and funding you need.