Whether a beginner or a seasoned property investor, you can apply for a hard money loan for any of the following real estate investment opportunities:
1. Raw land loans
As a property investor, you can quickly apply for a hard money loan and purchase a raw plot of land. Note that obtaining a conventional loan for unimproved land can be difficult. Why? It lacks a home which is usually used as collateral. The easier option is getting a hard money loan.
2. Construction Loans
You can use a hard money loan to purchase land and construct business premises or rentals. Alternatively, you might need to undertake a significant renovation of your property. Either way, a hard money loan can help you achieve your goal. Although banks can offer construction loans, most will require you to have a credit score of 700 and above. Also, the procedure is often complicated.
3. Commercial Bridge Loans
Commercial bridge loans are commonly used to secure a commercial property quickly. When such a hot deal shows up, obtaining a conventional loan can be tricky, and you could miss out on the opportunity. Therefore, you can apply for a hard money loan and settle it before the next buyer grabs the opportunity.
4. Residential Loans
Lastly, you can use a hard money loan to purchase residential property, including single-family homes and townhouses. You can also use a hard money loan to get cash out of the property you own.
Explore the opportunities of investing with the backing of a hard money lender. Visit Benworth Capital Partners, LLC to learn more. There’s no obligation to inquire about a loan and an inquiry will not affect your FICO® score.