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Purchasing Foreclosures? Hard Money Lenders Can Help!
Purchasing Foreclosures? Hard Money Lenders Can Help! One of the most common methods for the purchase of foreclosures is employing the help of hard money lenders. Both the Borrower and Lender benefit from such an arrangement, as the process is significantly shortened and the lending group can charge a premium interest rate. Typically homes listed for foreclosure are in dire need of a number of repairs and are often in the process of being renovated. When a home is considered non-livable, traditional lenders will not get involved. If the plumbing is in shambles, appraisers take note. Should the Borrower need the funds to complete the numerous projects, a hard money lender maybe the only option. Commercial hard money can be used in the same manner. Shopping malls or retail parks are a prime example of such endeavors. When closing a real estate deal, timing is everything so the streamlined decision process associated with hard money lending has its advantages. Hard money lenders can help you purchase a foreclosure quickly, adding value to their business model. The major advantage is that a Borrower has an answer within five to seven days, while a bank can an average take a minimum of 30 ... more

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