Real Estate Investors
As a real estate investor, you may be able to make significantly more on your investments with hard money loans as a result of the speed of funding. RushFire Private Lending works with many real estate investors to help fund their investments in Utah.
Types of Real Estate Investments Funded with Hard Money
A hard money loan —can be a small as a couple hundred thousand dollars to as much as several million dollars. Real estate investors look to private money lenders to fund many different types of deals.
• A single investment property: Real estate investors who own a home and want to buy an investment home in a hot vacation spot to rent out may not qualify for a traditional mortgage. With a hard money loan, or “swing” loans, you can buy the property and start collecting rental income right away and perhaps even pay for improvements.
• A multi-family property: A duplex, apartment building or other multi-family dwelling can be an excellent source of income, but it can be hard to qualify for such a large loan especially with your current mortgage. Hard money is the answer.
• A large development: Whether you’re building from the ground up, rehabbing or buying to keep as investments, the sheer size of loan for this may cause other lenders to balk, but not RushFire Private Lending.
You Can Get Hard Money Fast in Salt Lake City, Utah
Real estate investors looking for residential or commercial real estate loans often turn to hard money lenders because banks cannot be depended upon to move quickly enough when a deal needs to be made.
If you want to acquire a property that has just come on the market and you must apply for funding to cover the purchase, it may take a traditional bank more than a month to approve your loan. By this time, another investor with deeper pockets might have come in and snapped up the property, leaving you in the dust again.
How can you compete with bigger developers? With a private money lender. We approve our private money loans quickly — usually in less than a week if the deal requires it. As a real estate investor who is newer to the game, this gives you the funding you need to acquire more investment properties.
Your Chances of Qualifying for a Hard Money Loan Are Higher
Another reason real estate investors rely on hard money loans is because they may have difficulty qualifying for traditional bank loans. The reasons are many. Any financial mishaps you have had in the last seven years can impact your credit score and your ability to qualify for a traditional loan.
Hard money lenders focus almost entirely on the value of your investment, which is usually what borrowers use as collateral to secure their loan.
RushFire Private Lending for Salt Lake City, Utah, Real Estate Investors
Regardless of what type of investment property you want to buy or how you plan to use it, come to RushFire Private Lending for your hard money loan. We can work with you to fund a single purchase, or we can be your partner in ongoing real estate investment deals. Count on our hard money loans to make you more money.