Atlanta Hard Money Lenders Cater To Your Real Estate Needs Locally and Nationwide
If you are looking for Atlanta hard money lenders, you are not alone. More and more investors are using this alternative source of financing for their real estate projects. In some cases, it is difficult or downright impossible to get a conventional loan in Georgia. The foreclosure rate in Atlanta is one of the highest in the country. The smart investor stands to make huge profits, but the commercial banks have lost a lot of money.
On the other hand, to the hard money lenders Atlanta Georgia is no different from anywhere else in the country. If you can find the right property at the right price, they can give you the funds that you need. Some companies specialize in funding rehab projects. Most commercial banks turn down that kind of loan, even though, the risk is usually less than it is with first-time home buyers.
There is another reason that Atlanta hard money lenders are popular. It is truly a "buyers" market. Now is not the time to tie up all of your capital in one deal. No matter how good your personal resources are, it's going to be hard to buy more than one or two fixer uppers and get them ready for market.
To the hard money lenders Atlanta is a good place for rehab funding. They can help you keep your cash flowing, so that you can complete more projects and make more profits. Banks finance 80% of the purchase price. Rehab funders can provide 100% financing and they provide additional funding for repairs. They can even help you get your closing costs financed. That is, if you pick the right lender.
Because of the internet, it is relatively easy to find Atlanta hard money lenders, but all of them are not the same. There are certain things that you should look for. While some private lenders only operate in one specific region, city or state, there are others that are nationwide. They are still considered private or non-standard financial providers, but, to some of us, it is nice to know that the company is fairly large and has plenty of financial backing. Smaller groups and individuals are more likely to end up with their own financial problems and things like that can trickle down to the borrower.
You also need to be aware of the fees that private financiers are allowed to charge. To some hard money lenders Atlanta is a good place to operate, because there are no regulations limiting the amount that they can charge for early repayment. Early repayment penalties are the bane of rehabbers. They go against everything that they are trying to accomplish.
The best Atlanta hard money lenders realize that your goal is to repair and resell properties quickly, so they don't punish you for your efforts. If you look around, you can find one that charges you nothing for paying your loan off quickly. That would likely be the right funder for your next rehab project.
James has been in real estate for over 30 years and is an expert on residential and commercial hard money loans. He is a regular contributer to Hard Money Guide, a comprehensive resource for those looking to secure funding for real estate projects.
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