Choosing a hard money lender can be challenging, since not all lenders are created equal. To take advantage of the best rates and services in your area, you need to do your research in advance. Here are five tips for choosing a hard money lender that will provide you with fair, asset-based lending services.
- Check Licenses
In order to operate legally, hard money lenders must be licensed, insured and bonded. Before entering into any financial agreement with a lending company, request to see their license and proof of insurance.
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- Look for Transparency
The best hard money lenders are transparent in their dealings with clients. Every party involved in the hard money loan process should have full access to the loan details and program guidelines at all times.
- Look for a Lender That Specializes in Hard Money Loans
Hard money loans are more complex than traditional loans in a lot of ways and require a certain level of expertise. If you want to work with a lender who is experienced in properly structuring your loan and providing the best possible service, look for a company that specializes in hard money lending.
- Focus on Local Lenders
While many loans can be facilitated over long distances, hard money lending is different. Because the loan is based on a property asset, the lender will likely want to inspect the property your loan is secured against. To make the loan approval process easier, look for a lender who operates in your general area.
- Check the Lender’s Reputation
If you want the best possible loan experience, go with a lender that has a good reputation. You can get in touch with current and previous clients or look online for company reviews. If other customers have had good experiences with a specific lender, you probably will too.
Whether you need probate estate loans or traditional hard money loans, North Coast Financial has the reputation and the expertise you’re looking for. Contact them today to find out more about your hard money loan options.