Have you ever tried the services of hard money lenders which are available in your town? If yes, then you might have come across people who proclaim to be hard money lenders. Many people are unable to differentiate between such type of lenders and conventional lenders. There are certain guidelines which you have to follow before availing the services of hard money lender.
There are few differences between self-proclaimed and real lenders, which you must understand. Some of them are explained below:
Difference 1 – A legit hard money lender will never be interested in your credit history. A legit money lender will never put a condition that if you don’t have a credit history, he won’t be able to finance you. There are some hard money lending companies which will say that they don’t need your credit history in the first meeting but after few days they will ask for it. I suggest you to avoid such companies. If you’re looking for hard money loan in Houston then you can get Houston hard money loans easily. You can search for Houston based money lenders online.
Difference 2 – A real lender will always care about your security. At first, lender will evaluate your property through professional evaluators. In the next step, they will lend you money on evaluating the purchase price, estimated repair value and repair cost of the property. If the lender finds the evaluated cost as a good source then he will lend you money.