Real estate investors know that buying property and fixing it up to flip or rent can be a capital-intensive process! Sometimes you need money to help you acquire the property or to bridge you to when you can sell or rent it out. There are many ways to access capital but one of the most popular ways to access capital is through hard money lenders. In this blog post you’ll read about the advantages of hard money lenders in NY.
If You’re An Investor, There Are Many Advantages Of Hard Money Lenders In NY.
Hard money lenders give you more access to capital
It’s not always possible to do deals with the funding, capital, or credit that you currently have. So hard money lenders give you more access to capital so you can acquire a deal or complete it.
Hard money lenders often have real estate investing experience
Hard money lenders may not personally be real estate investors but many of them will have looked at several real estate deals and they can help you understand if your deal is suitable for a loan or not – which might be an excellent way to help you determine the quality of the investment you’re looking at.
Hard money lenders may not need your credit
If you’re a real estate investor with bad credit or no credit, or if you don’t want to touch your credit because you need it for something else, a hard money lender might not need your credit to do a deal. (Some lenders will but some won’t). The reason is because they are making a secured loan – one that is backed by the asset itself.
Hard money lenders are a financial “tool” in your toolbox
As a real estate investor, you’ll tie up your capital and sweat equity into a deal. And if you can’t complete that deal (because you can’t fully acquire it or you can’t get it up to a level of repair for rental or resale) then the deal will stall. A hard money loan can ease that situation and get the deal moving forward so you can complete it. Hard money lenders are not your only source of capital but they can help – that’s one of the advantages of hard money lenders in NY.
Hard money lenders in NY are familiar with state laws
You can rely on hard money lender in NY to be familiar with the lending and investing laws of NY. That is a valuable knowledge to rely on, and it’s one reason why hard money lenders are a better capital source than other less formal capital sources.
Hard money lenders help you to do more deals
Perhaps one of the best advantages of hard money lenders in NY is that you can do more deals. A hard money lender will get you the capital you need to move forward to complete the deal, to earn more money so you can do another deal. Using the money and profit from your previous deal, and perhaps another loan from a hard money lender, you can do even more deals or even bigger deals or even faster deals or even more profitable deals… all because of the hard money.
If you’re a real estate investor looking to fund more deals, a hard money loan might be the right choice for you. There are many advantages of hard money lenders in NY so find out more about how a hard money lender can help.