Oregon Hard Money Loans are a Fast, Flexible Financing Solution
Investing in real estate–though often rewarding–requires time and money. Securing financing is a critical part of the process, and most investors feel a sense of relief once a deal closes.
But what if your bank loan is denied? The scenario is not uncommon. When a real estate investment opportunity suddenly hangs in the balance due to financing, you need to act swiftly.
Why Your Bank Loan Was Denied
Traditional banks and lenders are a familiar go-to for real estate financing. Conventional loans offer competitive interest rates and longer repayment terms, and can be applied to various types of investment properties. However, these loans come with stringent requirements.
Banks assess borrowers’ creditworthiness, income level, debt-to-income ratio, and overall financial stability. Issues or concerns with any of these can result in a loan denial.
Real estate deals are time-sensitive. Waiting for a conventional lender to process and approve a loan application can mean losing the deal. Given the strict criteria and extensive paperwork involved, if you’re turned down by one bank, you may not have time to secure another traditional loan before the closing deadline. How can you save and close the deal?
Hard Money Loans Offer Financing Alternative
If your bank loan is denied, time is of the essence. This is where a hard money loan from a private money lender can be the ideal answer.
Unlike conventional loans, equity-based hard money loans are approved based on a borrower’s available collateral, not their credit history or employment. Because loan requirements are simplified, paperwork and approval time are minimal.
Benefits of Hard Money Loans
- Quick Approval: Conventional loans can take weeks (or even months) to process. Private money lenders can approve loans within days.
- Flexible Terms: Traditional lenders offer a set range of loan products. Hard money lenders often adjust terms such as repayment schedule, interest rates, and loan duration to meet your project needs.
- Fewer Restrictions: Banks typically have strict rules about what property types they will finance. Private money lenders are more lenient and may be willing to work with residential, commercial, or mixed-use properties.
Hard money loans are a short-term solution with higher interest rates. So, it’s important to have a well-planned exit strategy, such as quickly selling for a profit or securing long-term financing once your investment is stabilized. Hard money loans are an excellent financing option for real estate deals like fix-and-flips, rental properties, and other investment ventures.
Turn to Our Experienced Oregon Private Money Lenders
Closing a real estate deal can be a roller coaster. Private money lender Gregory M. Russell provides Oregon real estate investors with the financing they need for a smooth, successful experience. Our hard money loans are quickly approved based on your available collateral and repayment plan. Unlike a conventional bank loan, credit, employment, and income requirements don’t slow down the process. So, you can have money in hand within days, which will help ensure a timely closing. We’ve offered our trusted hard money loan services throughout the Pacific Northwest for three decades. Call 1-888-477-0444 or fill out our loan request form today!