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Approvals: Investors can get pre-approval for a hard money loan within one to two hours if they submit the necessary documents. Hard money lenders focus primarily on whether the asset is of good value in the market and is the borrowqualified. As opposed to conventional loans which includes tax returns and full documentation it could take a conventional loan up to one month to complete.  With hard money loans financing could be done in as little as a week. It is important to inquire about hard-money lender’s funding timeframes in advance to be compliant with your contract.

Flexible Payments: Hard money offers more flexibility to customize your repayment schedule. This freedom isn’t available if you are dealing with an institution or depository lender. You will be required to sign a contract with the bank’s terms for payment. Talk to us and come to a payment plan that is mutually beneficial for both you and your project and future goals.

Pre-Payment Penalties: Most hard money loan programs contain many options including no pre payment penalties for prepayments: If you obtain a loan from a reputable bank, you may be subject to prepayment penalties in the event that you pay off the loan prior to maturation date. Prepayment penalties aren’t typically charged by fix and flip lenders. If you have additional cash and wish to pay off the loan in advance, you will not be penalized.

Credit history is an important issue for large lending institutions, your credit score could have a significant bearing on whether or not you are accepted for a loan. Private lenders place less importance on poor credit histories. Private lenders make loan approvals primarily based on the liquidity and experience of the borrower and the value of property. If you satisfy the requirements above, you have an excellent chance of being funded.

As the #1 hard money loan lender in Tallahassee Florida CambridgeHomeLoan.com will help you reach your real estate goals.