When it comes to real-estate loans, a bank may not approve you to get what you need. But, despite their rejection, you can still get a loan to handle your business. Hard money loans are a way to borrow without using traditional mortgage lenders and must get secured by real property. Here are the advantages of going this route.
Swift Approvals
With a bank, there is a slow process with no consideration that you may need to move quickly. But hard money lending in Phoenix, AZ, is funded by private investors that want to get your deal completed expeditiously. Depending on your negotiations, you could secure a loan in a few days or weeks. They are ideal for circumstances that must get finalized right away.
Fewer Requirements
The initial part of securing a loan from any lender is checking to see if you can match their standards. Often, banks refuse a large number of loans due to strict criteria many people will never qualify for. Plus, this is not likely to change at any time in the future. Thankfully, hard money lending in Phoenix, AZ, is handled by private companies and has considerably lower requirements.
Hard money lending in Phoenix, AZ, is not worried about credit. Their focus is more on the property being used as collateral for your loan. Many of them have a compassionate attitude towards their applicants and want to see you do well in your business. Reach out to Colonial Capital to start your loan application today at www.colonial-capital.com.
