If you’re in the business of real estate investments, you know that securing a fast and reliable source of funding for your projects can be essential to your success. Real estate investors must be prepared to move quickly when fantastic deals come their way. Often, traditional bank loans are not an option due to the lengthy application and approval process or the stringent underwriting process. At HML Solutions, we are experts in hard money loans. Our loan program is designed for real estate professionals looking for speedy funding for their next project.
Hard Money Loan Benefits
The real estate business is unique. Banks often do not understand the nature of your business or your special financing needs. As a leader in the hard money lending industry, we at HMLS have a keen understanding of what you do and what you need. Our hard money loans offer many benefits to professionals like yourself:
- Approval is based on the value of your property, not your creditworthiness.
- The process is fast with loan closing often taking place within a few days.
- You can receive up to 70% of the value of your property.
- Funds can be used for a variety of purposes, including purchase and renovation.
The Application Process
Because approval for our hard money loans is based on the value of the property being purchased, we will work with you to determine a correct valuation of the investment property you are considering. To assure that your loan is processed quickly and that you gain access to the highest level of capital possible, we will want to seek out multiple assessments. These might include:
- A professional property value appraisal
- Tax assessment records
- A broker’s price opinion
- Local market reports
Once these valuation tools are made available, we can determine an accurate loan amount and move forward with the approval process.
In addition to placing an accurate value on your property, we will want to see your detailed plans for the property in question. This will include blueprints, schematics, budgets and contractor bids.
The Bottom Line
At HMLS we have built our reputation on reliability and honesty. We want to offer you the best product for your needs. No financial solution is perfect for everyone, but a hard money loan can help you secure a valuable property quickly which can make all the difference in the real estate business. You will want to make sure that you have accurately assessed the turn around potential of your property since hard money loans are designed to be a short-term financing solution; typically given for a period of 6 to 24 months. Since hard money loans provide up to 70% of your property value in funds, you will need to have an alternative plan in place for the remainder of the property costs.
Contact Us Today
Reach out to the loan specialists at HML Solutions to schedule a consultation about your financing needs today. We can help you secure the capital you need to take advantage of a great real estate opportunity.