At one stage or another, there will come a point in your life where you need to access cash quickly. As the name suggests, an owner-occupied loan is a loan which you will take out and secure against the property you live in. While some people use these loans for meeting personal expenses, others will use them to fund investment projects. Such projects usually take place in the real estate industry. If you’re trying to secure a private money owner-occupied loan, you may find that doing so with a view to expanding your current property portfolio works to your advantage.
Current updates on the real estate market, private money, hard money, and trust deed investing.
Hard Money Loans
Investing in real estate can be a financially rewarding experience. While it’s possible to become a successful part-time real estate investor, it’s true that the more time and energy you dedicate to something, the more likely you are to succeed. Property investment is no exception. Most new investors don’t know how to make the leap from a part-time side job in real estate to investing full-time, but the good news is that it’s possible as long as you’re willing to put in the work.
In the construction industry, every project is time-sensitive and speed can make or break the success of the project. When you’re confident that your efforts will result in excellent profits, you don’t want to wait around for slow financing. Although traditional finance is available for construction completion loans, it isn’t always quick and easy to get an institutional loan. Even when you are eligible, you may find that the application to delivery time is too slow for your construction project. Another option is to choose a hard money or private money loan for your construction completion project.
While traditional forms of financing are always an option, private money loans are becoming increasingly popular. Alongside their fast turnaround times, they’re often more accessible to those with a less-than-ideal credit history. Private money loans aren’t the right choice for every borrower, but if you find yourself in any one of these four scenarios private money loans may be worth exploring.
Investing can be tricky, no matter how financially savvy you are. With the current state of flux in the real estate market, it is no wonder people have questions about whether it’s smart to invest in trust deeds. Here’s the low down.
If you’ve been involved in the property market for a while, you may have stuck with the same lender through thick and thin. While there’s something to be said for loyalty, at the end of the day you need make sure you are looking after your own interests by knowing when it’s the right time to switch loan providers. Whether it’s expanded loan product offerings, faster loan approval, or increased speed of closing, choosing a new lender can ultimately help you increase your return on investment for your real estate projects.
Although owning and investing in multiple properties is a smart move, it can also feel like an administrative headache. One of the biggest sources of frustration you may encounter is juggling your financial commitments. Obtaining several sources of financing and repaying them all individually can make accounting difficult. As you may already know, failing to streamline your accounts is a fast track to reducing your profits.
Like many people, you probably find the world of investment properties exhilarating. At the same time, you probably experience a lot of the frustrations that come with financing your prospective properties. As the real estate market continues to thrive, there’s a lot of scope for buying fixer uppers and flipping them for a profit. If you want to seize on your latest opportunity quickly, but you feel as though securing finance could cause a delay, you may want to consider a hard money or private money bridge loan.
If you’re eyeballing a prospective investment property to rehab and you need to finance it quickly, you might want to consider a fix and flip loan. As an investment financing option that’s best secured through a broker, this type of loan is excellent if you’re keen to revamp your property portfolio.
If you’re working in the construction industry, you’re probably already aware that private money lenders have a longstanding history with developers. While banks may sometimes see your efforts as carrying too much risk, new construction loans come with the potential for private lenders. Since the recession, those offering private money construction loans have begun to exercise a little more caution, but they still remain as a viable option.