For many, a hard money loan is an efficient way to seize a business opportunity. After deciding that a hard money loan is right for you, you’ll decide on a national or local lender.

Hard money borrowers have the option to do business locally or on a national scale. The biggest difference between the two is that a national lender isn’t able to provide you with personal, individualized services. National lenders are likely to pull hard credit checks, offer stricter terms, and provide national rates over local rates. Keep reading to find out six reasons why you should stay local when choosing a hard money lender.

1. Local Recommendations

When reading any advice on which hard money lender to choose, the top advice is always to find recommendations. This is a big decision, and you want to verify that you’re working with a great company. Local real estate agents and investors will be able to vouch for your hard money lender. It becomes more difficult to find recommendations using a national provider.

2. Local Market Familiarity

A local private money lender will understand the local market. If you’re using your property as the collateral, they can understand the ins-and-outs of the local market. More than just seeing the value of your property, they can understand that the area is seeing growth in value. Or, they can know that the local market is seeing an uptick and feel more comfortable valuing your property higher.

3. Faster Approval Process

Many people choose a hard money loan for fast approval time. However, choosing a local hard money lender makes the approval process even faster. A local lender will be able to go through your application quicker if they don’t have to research into your assets from a different state. They know their area and can quickly approve you.

4. More Personal Attention

Local hard money lenders are typically small businesses. The lender is in your area, in the same time zone. Not only will it be easier to call them but you can go to their office anytime you need their attention. If you have questions or concerns, you aren’t dealing with a team of customer representatives to get a real answer.

5. More Flexibility

National hard money lenders tend to offer limited flexibility in their contracts. They aren’t able to come and inspect assets in person, and they have little insight into the local market. National lenders are also more likely to be tied up in red tape and not able to consider special circumstances.

6. Local Interest Rates

Hard money loan interest rates differ from region to region. A national lender will likely have to provide you with a rate that is an average of the entire nation. On the other hand, a local hard money lender will be able to provide you with a price that is competitive with the local standard rate.

Wildcat Lending

For individuals looking for a loan in Texas or Tennessee, WildCat Lending is the hard money loan lender for you. WildCat Lending produces fast, reasonable, and secure real estate loans that enable you to quickly close on residential investment properties. With headquarters in Plano, TX the partners at WildCat Lending bring over 50 years of experience in real estate lending and investing to the agency, and can customize loans for each individual’s unique set of needs. Call now for your consultation at 972-525-4777.