Things to Consider When Choosing a Hard Money Lender

Deciding to fund a project with hard money starts the ball rolling on what could end up being a very good long-term relationship between you and your lender. As such, it pays to look at a number of different lenders and what they bring to the table.

As hard money lenders ourselves, we welcome the kind of scrutiny that proves our mettle. We want our clients to be fully confident in what we have to offer. With that in mind, we encourage anyone looking at the possibility of hard money financing to consider the following when choosing a lender:

 

Team Experience

 

We are proud to say that we offer clients a highly experienced team with a solid reputation. We believe experience is important due to the unique nature of hard money lending. Suffice it to say that hard money lending operates on an entirely different plane because it involves privately held funds.

It is true that every hard money lender started somewhere. And yet, there is a lot to be said about experience. Would you rather go with a team that has been in the hard money business for less than a year or one that has been doing it for more than a decade? The answer seems pretty obvious to us. An experienced team with a solid reputation knows how to get things done the right way.

 

Application Process

 

We encourage clients to take a good, hard look at a hard money lender’s application process. One of the primary advantages of hard money is supposed to be a simple and straightforward process that doesn’t force clients to jump through hoops. If a lender’s process is as complicated as a bank’s, what incentive is there to choose the hard money lender?

A smart hard money lender makes application and approval as easy as possible. Paperwork is kept to a minimum as is the amount of documentation to be submitted with that paperwork. The lender makes applying for a loan as easy as filling out a job application.

 

Approval Speed

 

Hand-in-hand with the application process is the amount of time it takes to get approval. Yet another advantage of hard money lending is speed. Thanks to a less complicated application process, approval can be given in a matter of days rather than weeks or months. Any hard money lender unable to work that quickly will have a hard time attracting new clients.

We concentrate on speedy approval because we know that the nature of hard money financing requires it. Our clients are working on time sensitive deals. They cannot afford to wait on banks for weeks. They need approval fast, and we give it to them.

 

Past Successes

 

A hard money lender that scores highly in the previous three considerations should have plenty of past successes demonstrating as such. With that in mind, we encourage clients to look at a lender’s history. A good lender will have plenty of past success stories demonstrating its ability to satisfy clients.

If you are considering Actium Partners, and we hope you are, you can find numerous case studies here on our website. Please feel free to ask about our past successes when you contact us to apply for a loan. We will try to find a solution that will work for you.