How to Get the Attention of Hard Money Residential Lenders
How to Get the Attention of Hard Money Residential Lenders
It would be easier for you to approach hard money residential lenders if you already have a background in real estate investing. The problem is, you are a newbie. If you're to present your resume, it would be blank. So do you think it's impossible for you to find a money partner who will finance your real estate deals? Absolutely no.
You were encouraged by a friend who loves rehabbing houses. He visits your place every Sunday. He talks a lot about his business and that's how you became very familiar with it. You want to start your rehab venture but it would be impossible because you lack funds. You know that you can turn to hard money residential lenders, but how would they trust a neophyte like you?
The processing of your hard money loan application begins with finding your private money partner. Every lender has a different set of terms and conditions so better be careful in reviewing it. Usually, they vary in interest rates and the time they give you to get their money back.
Next, you have to convince them to lend you money to finance your rehabbing project. There is only one way to get the attention of hard money lenders. You have no previous rehabbing experience to back you up, but you got to have a good rehabbing presentation to show. What are the vital points you need to mention on your presentation?
First, you need to know the type of investment hard money residential lenders can't say no to. This part is easy since you're doing a rehab project. This type of investment is sure to generate huge profits. That's the first requirement. Your project must be a real money maker. Hard money lenders are willing to do business with you if you can assure them of a profitable return of investment.
Numbers and figures are very important. Include the total after repair value of the property. An estimation of the repair costs from an expert contractor will help lenders determine if your project is worth investing. Trusting these numbers to an expert appraiser implies that you are serious with your real estate deal, thus committing a costly mistake is the last thing you want to happen.
Hard money residential lenders must have a clear overview of when are they going to get their money back. A clear exit strategy is an essential detail. By creating a time period of the rehabbing process and selling process, you can show this on your presentation.
If you succeed in introducing all of this vital information on your rehabbing plan, you are on your way of getting your hard money loan. Who said that a newbie can't do this?
All it takes is knowledge and determination to get the financing you need for your real estate deals? Do you have what it takes? Visit RehabHardMoney.com now and see how a hard money lender can help you.
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