Buying a home is one of the biggest purchases you will ever make. In today’s Real Estate there are so many stalled out projects due to insufficient financing, Dutton states only about 80% are complete while the other 20% suffer from improper funding. What can you do when you can’t come up with the money or get a loan from a major lender? These loans are secured by actual property versus credit. It’s hard to fathom all the hard work you can possibly put into home buying, especially cash spent, just to lose it in the end. Let’s face it buying a new home can be scary, but not as scary as knowing your credit score isn’t up to par with bank lenders as well as not having the money to even start searching. Boch suggests making a minimum of 10%, if more is possible, the better. What are your choices? Hard money lending. Corey Dutton from Salt Lake City, Utah gives us three reason why Investors use hard money loans.
Speed of funding – Why wait for a bank loan? Hard money lending may be one of your only options, or buying cash.
Rehab Opportunities — Most real estate with value is in purchasing properties that need work and most banks don’t lend to these type of properties.
Bad Credit No credit – As we all know, bad credit won’t get us a loan with a bank. Hard money lenders aren’t really concerned about that. Their focus is the property being used as collateral.
recent interview with CSNBC and Self-made millionaire and financial adviser David Bach says, “Buying a home is an escalator to wealth. I first bought a home in San Francisco. It skyrocketed in price. I moved to New York and bought another home. It skyrocketed in price. My net worth has gone up millions and millions of dollars, simply because I’ve lived.” He lived in the sense he took chances. Buy a home today and get your Hard Money Loan with Entrust.