In this hard money tip, professional real estate investor Beau Eckstein tells you what he and his company look for in a hard money loan application.
There is a lot involved in funding a hard money loan. But whereas a traditional mortgage lender, like a bank, looks more at the loan applicant than the underlying property, a hard money construction loan application really looks at the property first.
What is the potential of the real estate is the germain question that seasoned hard money (aka private money) lenders ask when considering approving a hard money loan.
And while it's a complex process, the timelines for funding can be drastically reduced compared to getting a bank loan.
In fact, hard money is the best way to fund a real estate investment nowadays because, as Beau says, “Speed is everything when it comes to real estate investing.”