1. If you have no or bad credit
The majority of the world has gone through a period where they failed to pay bills on time or they just have too much credit which causes the score to go down. Fortunately for us, this does not become an issue for these types of loans. The lender will, however, adjust the interest rate on the high end if your scores are low.
2. If you cannot verify your employment
Most investors are self employed and do not pay themselves with actual paychecks. Because of this, it is very hard to verify how much money you make monthly. The only way to prove income would be from a 1099 and that only proves how much you made in the previous year.
3. If you are purchasing bank owned properties
Normally bank owned properties require that you pay them in cash since the property is being offered way below market value. They require you to show them proof of funds in order to even consider looking at your offer.
This is where your private hard money lender comes in to play. They provide the proof of funds and offer those funds at closing on your behalf.
There are no seasoning issues and no extra stipulations. The bank gives their price, you provide an offer, they either counter or accept your offer and you are on your way to a closing.
Using a private hard money lender is definitely necessary for quick cash and no hassles. You really shouldn't mind the high interest in that your goal is to dump the property in quick time any way.
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If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
1. If you have no or bad credit
The majority of the world has gone through a period where they failed to pay bills on time or they just have too much credit which causes the score to go down. Fortunately for us, this does not become an issue for these types of loans. The lender will, however, adjust the interest rate on the high end if your scores are low.
2. If you cannot verify your employment
Most investors are self employed and do not pay themselves with actual paychecks. Because of this, it is very hard to verify how much money you make monthly. The only way to prove income would be from a 1099 and that only proves how much you made in the previous year.
3. If you are purchasing bank owned properties
Normally bank owned properties require that you pay them in cash since the property is being offered way below market value. They require you to show them proof of funds in order to even consider looking at your offer.
This is where your private hard money lender comes in to play. They provide the proof of funds and offer those funds at closing on your behalf.
There are no seasoning issues and no extra stipulations. The bank gives their price, you provide an offer, they either counter or accept your offer and you are on your way to a closing.
Using a private hard money lender is definitely necessary for quick cash and no hassles. You really shouldn't mind the high interest in that your goal is to dump the property in quick time any way.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125