Reasons Why You Need a Hard Money Lender
A private lending company provides an alternative tool to the famously known Soft Money Lending. As a result, individuals and businesses have been provided with a means of accessing credit more easily, and settle bills, or make purchase on products/services that they are urgently in need. The following discussion shades light on how Hard Money Lender in Texas defer from their counterparts Soft Money Lending. It is worth noting that Hard Money Lending is often offered by either Private Money Lender or Private Lending Companies.
While Soft Money Lenders in Texas offer credit with relatively limited interest rates spread over a long period of time, a Hard Money Lender in Texas offer the same for a short period of time, and at a relative higher interest rate (Read our terms). However, a couple of things make Hard Money Lending in Texas standout when compared to Soft Money Lending. For instance, the relatively short period of time taken to obtain money from Private Money Lender, makes Hard Money Lending more appealing. The other difference is that, in spite of the slightly high interest rate, Private Lending Companies have a rather flexible request in terms of collateral.
Why many individuals and business are now opting for Hard Money Lending
One of the benefits of obtaining money from Private Money Lender, or Private Lending Companies is the flexibility of terms of the loan. For example, different individuals possess varying forms of security for a given type of credit amount. While some may use their cars as security for a loan, others may opt to use jewelry and other forms of accessories. Private Lending Companies then validate the value of the item being offered as security, and depending on the amount being requested for, they can accept to lend, ask for additional security, or even accept an alternative offer. As a result, individuals are made to access loans at relatively flexible terms.
The other reason that makes many individuals seek credit from Hard Money Lender in Texas is the speed at which cash is dispatched from the Private Money Lender to the individual, or business in need of a loan. As opposed to Soft Money Lenders, which may take even up to 14 days to mature, Private Lending Companies have a short loan maturity period. As a result, individuals/businesses that seek to obtain loan for various purposes at a considerate speed, opt to utilize the Hard Money Lending in Texas business.
Unlike Soft Money Lenders in Texas, a Private Lending Company have a rather simple accreditation program. Whereas Soft Money Lenders require that documents undergo through various stages in the evaluation process, and also a set of steps towards approving or declining the request, Private Money Lender is often a one stage process. Consequently, individuals seeking for Hard Money Lending in Texas are not subjected to tedious applications and follow up process, and unnecessary anxiety associated with Soft Money Lending process.
As opposed to Soft Money Lending, acquiring Loan from Private Money Lender does not require one to have a higher credit rating in order to qualify for a specific amount being requested for. As a result, individuals who are deprived off funds from Soft Money Lenders are able to obtain credit from a Private Lending Company without being judged from their poor credit ratings.
At Wildcat Lending, we take pride in offering investors the ability to access cash in an efficient and cost-effective manner and do everything we can to make the process flow smoothly and quickly. Our management team has over 50 years of combined experience in real estate investing and understands how to help make the life of the investor easier. Fill out an application to get the private lending process started. Contact us if have questions about our criteria.