You might be considering applying for a hard money loan to flip a house or even make real estate investments. Either way, these loans can be your best option to obtain the funding you need.
Finding the best hard money lender in Georgia can be challenging. Yet, it will all come down to your research and taking a look at your lender’s credentials.
Don’t know where to start? Here are 5 tips to find the best hard money lenders in Georgia today.
1. Define Your Hard Money Funding Needs
You may think there’s only one type of hard money funding. Yet, many lenders offer different types of hard money loans to meet your needs. Here are some examples of the loans you may consider.
- Construction Loans
- Fix and Flip Loans
- Purchase Loans
- Rental House Loan
- Construction Loans
It’s recommended to contact your potential lender to learn more about your options.
2. Search for a Lender in Your Market
While you may receive an attractive offer from a lender outside your state, you should consider applying with a local lender.
Companies in your state understand your market and the valuation of your property. Also, many lenders want to inspect the property before finalizing your loan.
3. Consider Applying with an Asset-Based Lending Firm
Though many private lenders may offer hard money loans, you should consider applying with a company that specializes in asset-based lending.
A specialized firm understands your funding needs and your market’s property valuation. Hard money lenders in Georgia understand that you need funding fast and don’t want to apply for a conventional loan.
4. Take a Look at the Firm’s Funding and Default Track Record
Hard money loans are funded by private lenders. While it’s an advantage for applicants with less than perfect credit, you must learn more about the firm’s funding and default record before applying.
If your potential lender has a high default rate, you must take a look at their rates. Most borrowers default on their loans due to predatory rates. Also, you should consider hard money lenders that have funded thousands of loans.
5. Verify the Firm’s Licenses and Registrations
Not all firms are the same. Besides their track record, you must check if the firm meets your state’s licensing requirements. Many lenders hold a Real Estate Broker license and other licenses under their state’s Department of Real Estate.
Also, your lender may be a member of the Nationwide Mortgage Licensing System and other similar organizations. In Georgia, the Department of Banking and Finance overseas licensing for mortgage lenders or brokers in the state.
Can You Find the Best Hard Money Lender in Georgia?
You can find the best hard money lender in Georgia. It will all come down to your research. The first step is figuring out your funding needs and purpose. How much money do you need?
What property are you putting down to secure your loan? Many hard money lenders in Georgia require your property to meet certain guidelines. An example is how you may not be able to secure your loan with the property you live in or intend to live in.
It’s recommended to contact your potential lender to learn more about their requirements. Also, you should consider applying with a lender that specializes in asset-based lending. These companies understand your funding needs and why you need their help.
Need fast and easy funding? Fill out our online application to get your hard money loan today.