Borrow money fast with a short-term loan called a hard money loan (bridge loan) using an asset as collateral.
What is a Hard Money Loan
This is a short-term loan that is secured by real estate and is primarily used in real estate transactions. Instead of basing the terms of the loan on the creditworthiness of the borrower, lenders will base the terms on the value of the property being used as collateral.
Who is This Loan Best Suited for?
Hard money loans are best suited for individuals or entities who need quick access to financing and may not qualify for traditional loans.
The Pros and Cons of Hard Money Loans
Before making your decision on loan type, you need to weigh all the pros and challenges of a hard money loan.
The pros
- Fast approval and funding process starting from as little as 15 days
- No income documents needed
- Flexible loan term compared to conventional loans
- Prepayment periods
The cons
- Higher interest rates and fees
- Shorter repayment periods of up to 18 months
How to Qualify for a Hard Money Loan?
Hard money lenders will evaluate the following:
- How the borrower plans to repay the loan (exit strategy)
- The value of the property used as collateral
- The borrower’s investment experience in real estate
Get a Hard Money Loan in Weston, Florida
Get access to a property loan in as little as 10 business days from Avanti Lending. We specialize in financial products tailored to your unique financial needs. Start your loan application today by contacting us via (954) 440-6274.
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