Everyone wishes to own a home in a place of choice. However, owning a home has never been easy with finances as the major limiting factor. The good news is that several companies have come up to make your life easier by facilitating loans for residential, commercial and business loans. For instance, Evoque lending are the best hard money lender and have helped many companies and individuals fund their real estate deals. One of the reasons why Evoque lending are the best hard money lender is their friendly interest rates, ranging between 8 and 15% which depends on the amount and repayment period. The loans are mostly for short periods of time, usually between 6 and 24 months, which is enough for you to inject it in the real estate business. However, you need to understand there is a difference between hard money lenders and regular mortgage. The hard money loans can only be used in place of mortgage for rental or primary residence if there is a clearly defined exit strategy to repay the loan within the given time. The other way in which hard money becomes useful is when you miss a standard mortgage but you have a property which you can sell at a huge profit. As a wise investor, you can use the hard money to acquire the property, make some quick deals to add value to the property, and then secure a loan using the property as collateral. You can then use the loan given to pay back the hard money given earlier and still make a fortune out of it.
Benefits of hard money loans
· The loans are easily accessible and once you develop a good relationship with a money lender such as Evoque, you can get funds within a few days without any appraisal or additional charges. You only require origination fees.
· The loan does not require your credit score and you deal directly with the individual lender making the process faster as it saves you underwriting processes.
· The loan is suitable for renovation expenses.
However, when going for money loans, you should be cautious of some risks. For instance, you should be careful not to do something that can make you lose your approval status. You should avoid taking up new credits. Depletion of your savings account can also be disastrous. In addition, when you are locked in hard money for many months, you should ensure that you repay them within the shortest time possible.
In spite of the few limitations, however, hard money remains an effective tool for development. This explains why Evoque lending are the best hard money lender. They have enabled investors use the hard money increase their investment property. Evoque has stood out from the rest of money lenders by acting professionally in a knowledgeable manner. The professionalism goes a long way in increasing your real estate investments. The hard money is not cheap but is much worth for the role it plays.
If you are a developer or a flipper, hard money loan will get you on track. You just need to play your cards well.