Hard Money Lenders in Washington D.C.
If you’re a real estate investor in the D.C. area looking to either renovate a property you want to sell or build a new property altogether, a traditional lender such as a bank or a financial institution may not be the best option for you. Such lenders often require a lot of information and research on your part, and they can be tediously slow. If they approve your loan at all, there’s a chance another investor might get the property you want before you can close. That’s why you should look into hard money loans . A hard money loan is an asset-based loan from a private lender, meaning the collateral is actually the property you want to invest in. What is a Hard Money Loan? While a traditional lender makes a decision based on your credit history and income, hard money lenders go a different route — they lend funds based on the collateral at hand, placing far less emphasis on credit scores. Here are brief descriptions of the different types of hard money loans ...