Most of the time, applying for bank financing home loans could be difficult and if you’re unlucky, your loan applications would be disapproved for certain reasons such as foreclosure or bankruptcy. When this happens then you will not have a chance to own a Las Vegas property not unless you apply for a hard money loan.
What is hard money lending?
A hard money loan or also called private money loan is approved and lent by a private individual or investment group lenders. This is different from the normal loans which are funded by a bank, a commercial company or institution and any other commercial lenders. Private money loans are approved by a real person and not by a machine hence the entire process could be as fast as a few hours and you can have the cash release in less than a week.
Unlike normal loans, private money loans are granted to borrowers no matter what they’re credit score is. Hence, even if you just got out of bankruptcy and you want to invest in a Las Vegas property then these loans will be your best alternative.
Hard money loans are for:
- Home Construction
- Commercial purposes
- House flipping
- Residential investment
- Foreign nationals/borrowers
Who can borrow hard money loans?
There are usually 3 types of Las Vegas borrowers that can avail hard money loans though everybody who has the capability to pay the loan back has a chance to apply for it and get granted.
- If you can fund at least 35% up to 40% for the down payment of the property you have been eye-ing then you can borrow hard money loans. Your application has a bigger possibility to get approved, if you can pay that amount of down payment. Your deal will be faster too.
- Foreign nationals who want to purchase a home in Las Vegas can also apply for a hard money loan. We understand that in some circumstances some foreigners would need a place to stay in Las Vegas but due to some citizenship issues, normal loans couldn’t easily be granted to them. In that case, they can have the hard money loan as their alternative. As long as they can provide proof of income that they can pay the loan, they can avail one and purchase a property they can call home.
- If you want to invest in Las Vegas Real estate properties but you don’t have enough funds then hard money loans will be of great help. Private money lenders help real-estate investors like you to easily purchase a property, rehabilitate it then sell it for a bigger price to earn huge profit at the very least. No need to wait for your credit score to get better before you can score good properties. Once you see one, apply for a hard money loan and buy it immediately with no long waiting.