Many individuals in the mortgage industry refer to hard money lenders Orlando as your last resort. This may well be true as this is often the case with many borrowers, but there are several instances where you may well turn to a hard money lender before you approach a traditional loan institution.
This is a typical case where a hard money lender may be the most suitable option. If you are a property investor who requires a loan to carry out renovations to a run-down property which will not be owner occupied, traditional banking institutions will probably have a problem offering you a suitable loan. Traditional institutions will not offer you sufficient cover to allow you to renovate without receiving regular income. Hard money lenders look at the end result and what the property will be worth once you have completed the renovations. This is the value that the available loan amount will be based on.
If you fall into this group of borrowers, hard money loans may well be your starting point rather than a last resort. In this instance you will have located a property, considered it to be of good value and now require secure and quick financing to buy it, renovate and resell as quickly as possible. The purpose in this instance is not to keep the property in your possession for too long a period of time. This is the ideal time to approach hard money lenders as you will be able to secure a loan in a short period of time, renovate your property and sell it quickly in order to pay back the loan and commence on your next project.
Hard money lenders Orlando are able to assist a borrower who requires funding quickly and a lender who is willing to offer those funds for a high return on their investment.