Investors who work in the real estate industry frequently use the terms private money lender and hard money lender interchangeably. It’s true that there is some overlap between the two types of lending. First Financial Depot, LLC is very active in the Hard Money Lending Business.
Similarities Between Lenders
Both types of lenders share the following features:
- Streamlined hard money lending processes relative to traditional bank, frequently requiring less paperwork for much faster approval and funding times.
- The qualification process that is tied to the strength of the underlying real estate asset rather than focusing on the strength of the borrowing financials.
- The ability to lend on “non-traditional” assets. Both types of lenders are frequently viewed as go-to sources for value-add or speculative properties that offer higher returns than more traditional stabilized investment assets.
- Slightly higher interest rates and fees than traditional lenders. In exchange for these higher costs, private and hard money loans are usually much more flexible.
While hard money and private loans have a lot in common, there is a fundamental difference between them. A private lender can be just about anyone. They can be a family member, a business acquaintance or a stranger. They’re people with money using it to make loans to those in need of cash.
Hard money Loans From First Financial Depot, LLC, are very experienced. And ready to make hard money loans, on purchase or refinance of multi-unit apartment building, mixed-use , or any kind of commercial project. First Financial Depot, LLC staffed with professionals waiting to help fund your next project using common sense underwriting.
Hard Money Lenders Offer Experience
Due to a larger number of loans and their experience, they often know of issues with certain areas, certain agents, escrow, title companies, as well as building departments, and appraisers. This means that you can do business with us in confidence.
The best hard money lenders are established businesses. For example, we’ve been working with asset-backed loans for over 35 years. we can do loans in all states across the US. We can also fund loans on residential, multi-family, retail or industrial investment properties as an example.
When you work with a hard money lender, you’re also getting the benefit of many years of experience. Private lenders are motivated to make loans, rather than reject them. They’re frequently real estate investors that understand what you’re doing. A privately-funded hard money lender can give you all of those benefits with the added professionalism of a real lender.
First Financial Depot, LLC commercial hard money lenders make loans solely on the value of property. And accept all credit scores. If you think your property qualifies for a hard money loan, Call 1-855-505-5363.