Learn How to Get a Hard Money Loan

Locate a Reliable Lender

If you’re actively involved in real estate—or hope to be—you’ll want to make sure you have a network of reliable hard money lenders so you don’t have to scurry to find a decent one every time you have a transaction on the ice. Some hard money lenders are truly interested in assisting you with your project financing, while others are simply loan sharks.

There are a few indicators that can help you determine how trustworthy a lender is. Is their website professional-looking, or is it simply a landing page for collecting your personal information to be passed on to a third party? What are the opinions of other investors on this lender?

Is there any pending litigation against them? Do they have a portfolio of previous work? Can you meet them in person or with a designated agent?

Several reputable hard money lenders may want to inspect (or have someone inspect) the property you’re presenting as collateral. Certain lenders may only work on certain sorts of projects.

For example, if they finance hospitality businesses like hotels, they may be reluctant to finance other types of commercial real estate or residential real estate. Understanding which lender is most suited to your specific project can help everything move more quickly and smoothly.

Building a network of trusted professionals through a real estate investors association is one method to set yourself up for success in finding fantastic lenders. An organization like this is geared toward connecting real estate professionals of all levels with one another, which might help you discover a reliable lender when you need a hard money loan.