Investors who need quick cash without much hassle can use a private hard money broker in San Diego. They are much more affordable than traditional banks. Real estate investing is a risky business. You will eventually need to be able to access private hard money lenders.
This is because if you buy a property solely for the purpose of reselling it and making quick cash, a bank can sometimes become too complicated. Hard money is almost like having your own cash. Banks will require that you provide them with a lot of information to prove your creditworthiness, your employment history, and your assets.
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It takes cash deals typically two weeks to close, while conventional loans take 30 days to close. This is because the verification process takes longer. There are three main reasons why you might need a private lender of hard money in San Diego.
1. Most people in the world have experienced a time when they couldn't pay their bills on schedule or had too much credit, which caused their score to drop. This is not an issue with these types of loans. If your credit scores are not high, the lender may adjust the interest rate at the top end.
2. Many investors are self-employed and don't receive any paychecks. It is difficult to prove how much you earn each month because of this. A 1099 is the only way to prove income. It only shows how much you earned in the past year.
3. Bank-owned properties usually require you to pay them cash, as the property is often offered at a lower price than market value. Your private hard money lender is here to help. They will provide proof of funds and then offer the funds to close on your behalf.