If you play your cards right, investing in the real estate market can be your ticket to great wealth. In addition to having an excellent strategy, you need the ability to cash in on opportunities as they arise, residential hard money lenders in Florida note.
That means you need access to capital at the drop of a hat. Sometimes, the speed at which conventional lenders move, or their stringent conditions, can prove to be a huge hindrance. At this point, it’s only natural that you should harness the benefits of the alternative market.
1. Accessible money whenever you need
Urgent sales present you with great opportunities when playing the property market. In most cases, you can acquire such properties at a fraction of the market price. Such sellers don’t have the luxury of time are often on a short leash.
Having a reliable hard money lender on speed dial can help you capitalize on such opportunities. See, such lenders are more concerned about the loan-to-value ratio of collateral you put up. If the numbers are right, you can have the money ready in a matter of days.
Having access to ready cash creates a win-win situation for the both of you — you get an additional property at a steal, and the seller gets to solve their pressing financial issues.
2. Flexible terms of engagement
Banks and other mainstream lenders often follow a stringent underwriting process when dishing out loans. To some extent, terms of engagement are cast in stone and are hardly negotiable. On the other hand, hard lenders are open to negotiations since they are holding on to your collateral.
Hence, you can create a custom repayment plan that suits your unique situation. Formulating a repayment plan that fits your financial situation affords you great peace of mind.
Playing the real estate market comes with a high cost of admission, given the asking prices on most properties. Having ready access to an affordable source of additional cash proves to be a great asset to your investment journey.