Realty Resources Corporation - Direct Lender
 |  |  |  |  |  |
Businesses and individuals often have financial needs that cannot
be met from a traditional bank or lending source. In these cases,
hard money loans—or money that is made available through private
sources—may be the appropriate answer to their needs.
For example, borrowers who need money quickly may opt for a hard
money loan because they can generally get their loan within a day or
two. The approval process from a traditional source, on the other
hand, can last six weeks or longer. Traditional sources will require
documentation, credit reports and appraisals – we do not. Hard
money loans may also be a good option for individuals or
businesses interested in either renovating or improving a piece of
property or in purchasing a commercial property that does not yet
have tenants or cash-flow. Money is often not available through
traditional sources for these types of projects.
Hard money loans are typically based on the value of the real estate
that is used as collateral to secure the loan. Further, because of the
risk involved with making a hard money loan, borrowers can expect
the interest rate to be higher than what one would typically see in a
traditional loan. However, hard money loans can offer resources
and flexibility to borrowers who have immediate financial needs.
