A reliable hard money lender can actually offer benefits that can’t be provided by conventional sources of funds to potential borrowers. One of these is low qualification requirements. Expect less trouble when trying to obtain hard money loans since this does not usually involve credit checks, social security checks, income verification and seasoning of down payments. You just have to prove that you are the real owner of the property that you intend to use as collateral. The lender will give you the money based on the property or asset’s value instead of focusing on your financial strength.
Another benefit that you can get from dealing with a hard money lender is the speed in loan processing. The loan application and approval process is actually faster than traditional loans. It can even be completed within just a few days. This makes the hard money more favorable for you especially if you want to avoid waiting for at least thirty days to get your required loan amount from a traditional source. The flexibility of hard money loans is also unquestionable. Hard money lenders can even expertly customize the loan to meet your specific home buying or investment needs.