Hard money lending in New York is one of the most rewarding sources of funds in the state but many people have a few misconceptions about it. Maybe it is time to shed light about the truth behind the misconceptions in the industry. One of these is that no hard money lenders are capable of funding the financial needs of borrowers in less than one week. This is a misconception because the truth is that private lenders are really capable of completing the whole process without exceeding one week provided that they get the full cooperation and support of prospective borrowers. This means that as long as documents are diligently provided in a timely and more organized manner, then they get the opportunity to receive their required funds within just a matter of days.
Another misconception is that all hard money borrowers turn to hard money lending in New York due to their desperation to get funds. It should be noted that contrary to what others believe that the borrowers are desperate to acquire money, they are actually successful, solid and profitable individuals or businesses that are presently in a situation when the other funding sources presented to them do not perfectly fit the kind of project that they wish to complete. These borrowers may include individuals who are self-employed, newly established businesses that do not have lengthy track records yet and borrowers who cannot boast of a flawless credit record.
Most of these borrowers turn to hard money lending in New York since lenders in this industry are capable of moving quickly and guarantees flexibility when it comes to structuring transactions. In most cases, hard money lenders will look primarily and closely on the collateral presented to them since this will serve as their ultimate repayment source and a sign of the capacity of borrowers to make payments. In conclusion, hard money lenders have more flexible sources of funding, making them among the people visited by real estate investors in the event that they need money to fund their desire to purchase certain properties.
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