If you are in dire need of an asset-based financing, then it is in your best interest to take advantage of hard money loans. With this type of loan, a borrower posts physical property as collateral in exchange for funds. You ought to keep in mind that these transactions are often similar to short-term bridge loans.
In most cases, hard money loans Connecticut involve real estate investments. The loans are also short or immediate-term financings, typically lasting up to three years. With that said, below are some of the most notable benefits of borrowing hard money loans in Connecticut.
The good thing about taking out hard money loans is that they can be closed more quickly than traditional loans. And this doesn’t come as a surprise considering the private lender is concerned primarily about your posted collateral. In fact, your current financial position and employment situation are distant secondary considerations.
Unlike traditional money lenders, you don’t have to make do with thorough review of your bank statements, tax forms or credit reports. No wonder hard money real estate loans Connecticut continue to drawn the attention of many.
Higher Approval Amount
If you are looking forward to purchasing an investment property, a reputable hard money lender Connecticut will be more than ready to approve you for as much as the property is worth. But what about those who are borrowing against a different property they own? When this is the case, the property’s value determines the loan amount.
Unlike taking out a traditional loan in Connecticut, you do not need to pre-qualify for a certain loan amount before searching for properties based on the pre-approval. Through this action, you will certainly get the approval amount you need without going through a lot.
The Bottom Line
Hard money loans in Connecticut have more to offer than you might probably be thinking. From, higher approval amount and fast turnaround to flexible terms, you will never regret your decision after opting for hard money loans. But with so many lenders in Connecticut offering hard money loans, how can you tell whether or not you are counting on the best?
The secret lies in spending some time doing your homework and examining what different hard money lenders in Connecticut offer before settling on one. It is then that you stand a better chance of reaping maximum benefit from this type of financing option.