A hard money loan is usually researched by people who are looking for a short-term financing option specifically geared towards an investment property. The money can be used to purchase or renovate a property to jump start everything. Researching for the right loan option can be difficult, as there are a ton of options in each state. Here are three tips from the how to select the best hard money lenders in Virginia. As the state continues to grow, competition is tough between all the different lenders.
Look for Reviews and Past Projects from Lenders
These days, it is pretty much inexcusable to not do proper research before making a purchasing of any kind. If you are reading up on reviews for a new car, a new laptop or even the best wireless headphones, you need to also be reviewing the best hard money lenders in a specific area.
There are a few different types of things to specifically look for in reviews for lenders. For starters, try to find out how hard or easy it is for people to actually get approved. There are some companies that have great reviews, but they only accept people with amazing credit, so it might not be applicable. Also look at past projects. Working with a hard money lender who has experience working on a similar project will make the process easier for you and the lender. You and the lender will both know what to expect.
Go with a Company That You Can Trust
Companies can pop up online at pretty much any time. The barrier to become a company is lower than ever, but being a reputable company can be difficult. Only the best are able to shine.
A general rule for things like this is to find a lender that has been in business for at least a few years. There are obviously going to be some reputable companies just starting out, but it is difficult and sometimes even impossible to sift through them all. People should want a lender that has a proven track record. Word of mouth is another way to really trust a company.
Don’t Be Afraid to Ask Questions
For one reason or another, we have been trained to not ask questions at times. That is a terrible way to shop for something as important as this. When discussing thousands and thousands of dollars, questions need to be asked early and often. It is a very cliché thing to say, but there is no such thing as a stupid question. Go ahead and test the lenders and see what they have to say.
The best lenders are going to be eager to answer questions and help people out. If they are not eager to help you out, they probably are not the right fit, especially for someone looking for a loan for the first time.
Who Do We Recommend?
As far as hard money lenders in Virginia are concerned, it is hard to ignore what the Hard Money Bankers are doing. They have a ton of positive reviews online, they have been trusted for over a decade by a variety of people, and they have a robust customer service setup available online and over the phone.
Special Guest: Tarek El Moussa with Success Path Education
Tarek El Moussa speaks to Chris and Jason about managing contractors, making money on flips and setting goals! Learn more about real estate investing and flipping houses from the expert of HGTV's "Flip or Flop".
Posted by Hard Money Bankers on Friday, November 2, 2018
Hard Money Bankers is a company that has been lending money to real estate investors for over 10 years. Founded in 2007, the average applicant can get a rate in the 13%-15% range. Readers can connect with Hard Money Bankers by visiting their social media websites, or their official website at HardMoneyBankers.com.
