Hard money wholesale lender can actually help you start your real estate investment business if you cannot obtain the loan from the regular lender. In fact, there are many advantages you can get from hard money lender that the regular banks or other loans institutions cannot provide when it comes about real estate investment. Hard money lender which mostly comes from private individual is normally easier to deal with compared to the other loan options. And here are some of the advantages that you will be able to get from hard money lenders in starting your real estate investment business that you will never get from any other loan sources.
The easy application process has already mentioned before, so let’s move to the next advantage offered by hard money lenders. Even though they tend to carry higher interest rates which ranged from 10% to 20%, they don’t really have much problem with where you want to start your real estate investment at. Regular loan sources are mostly reject loan application for real estate investment at remote area because of certain reasons, but hard money wholesale lender will not do the same. The next advantage will be the availability of loan even for those who don’t have good FICO score. Since the loan is secured with the house that you are purchasing with the loan, they don’t really care with your FICO score to determine your loan eligibility.
In case you want to purchase an old or damaged house, fix it and sell it with higher price, this kind of lender will also be a better choice since they will cover the cost of purchasing and repairing the house before you sell the house back to get a lot of profit. There are many other advantages you can actually get from the hard money wholesale lender to start your real estate investment business, so don’t hesitate to apply once you have found the reputable one.