Hard money lenders are focused on your assets and not your credit. They work faster than banks and can complete the process in as little as 7-14 business days. There will be no appraisals and other fees. The company will charge a standard origination fee to verify your identity. You will not be subject to any underwriting or loan committee shenanigans.
All you need to do is prove your honesty. After signing a promissory notice, you will need to fill out several forms. Your assets will be used as a lien on the loan. There are many lenders who will approve you within 1-2 days due to the high demand for bridge loans in California. You can get loans from a hard money lender via wilshirequinn.com/california-hard-money-lender.
Image Source: Google
This ability to obtain a quick loan increase is a major advantage when buying. Bidding in a competitive market is a common occurrence. While other investors might have to accept slow conventional financing, you are more likely with your ready-at-hand money to attract a seller and set your offer apart from the rest.
Standard loans will require you to pay more interest, sometimes twice as much, and higher origination fees. Bridge lenders are more likely to take on greater risks than conventional bank loans. Facilitating loans is also more difficult for them. They increase the interest rate by 10-15% depending on which lender they are working with and how much risk the loan carries.
