Going Beyond the Bank: Hard Money Lending

Few things can be as stressful for people as their economy, and even if you have a stable one you never know when an unexpected need will appear. Accidents can happen at any time, or maybe you’ll finally develop your million dollar idea but realize that well… you are short on cash to kickstart your new enterprise. And this is where loans come in.

Loans have a complicated reputation, if you have ever tried to get a loan approved from a bank before you might be aware that it is a lengthy and complicated process. Banks need to make sure every last minute detail is up to standards and it’s all too easy for a potential loan to be rejected or for it to take more time than you can afford to wait. However this doesn’t mean that you are out of options, and this is where hard money lending comes in.

What is hard money lending?

Hard money lending can be seen as an alternative venue to traditional bank loans. Where bank loans are backed by your financial history and your income hard money loans are instead backed by an asset. But what does this mean in practice?

Well, first and foremost it means that the requirements for each kind of loan are different. Bank loans can be easily rejected if there have been irregularities in past payments or based on your current wage. Hard money loans on the other hand are fully backed by a real asset which means that it is much easier to apply to them and they can be approved in as little as 5 days.

What should you look for in a hard money lender?

When it comes to any service you should always compare and contrast options to make sure you are getting the best possible deal, but this is even more important when it comes to loans. Reviews are essential of course, but what matters the most with lenders is perhaps transparency. It’s important to make sure your lender is regulated and completely legal to make sure your investment is protected.

For those of you in the California area, our recommendation is California Hard Money Direct. Hard Money Direct has ample experience in the field which can be seen the moment you visit their website, which includes an abundant list of loans that have been recently funded by them. But even more important is the fact that they state their broker license ID and other documentation directly and without any secrecy. California Hard Money Direct is as transparent as it comes in this business, and that’s a major sign of confidence.