Ammad Awan Glasgow - Creative Financing For Real Estate Investing
When Fast Cash is Needed
There will be instances during your real estate investing career when you will need up-front cash quickly on a short-term basis. Ammad Awan Glasgow says The most important aspect of using a hard money lender is the quick availability of the cash. Sometimes you can have the money in hand within 72 hours of receiving the final docs from the title company.
Little or No Red Tape
Perhaps you've located a great property to renovate quickly to turn around for profit. You may need the loan fast because you already have a buyer lined up for the house when it's completed. The hard money loan will be in place much faster than a conventional loan and without all the red tape.
Does Credit Rating Matter?
Don't make the mistake of thinking you can use a hard money loan to override your bad credit rating. While there is sufficient collateral involved, still and yet these lenders want to know they are working with someone who has a track record of paying - and paying on time. They will look for bankruptcies, foreclosures, charge offs and collections.
Whether or not there will be a credit check in your case will depend on the individual hard money lender. Ammad Awan Glasgow investors are able to procure hard money loans without ever having their income or their credit verified. Again, it will depend on the policies of the particular lender.
A Last Resort
When it comes to hard money loans, they should always be used as a last resort - after you have tried other methods of raising needed capital. Never go after this type of loan unless you are completely confident that you have a great bargain property on your hands. And you must be sure of your exit strategy.
