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Go With Private Money

Private money financing is popular among real estate investors because it is fast. Lenders know the urgency involved in real estate investing. They know the competition is tough and that if you need funding, you need it fast. They understand this and this is how they operate. Despite higher risks, hard money lenders approve or reject loans in just days. They even extend credit to those who have poor credit scores. Their way of assessing applications enables them to release loans in just days.

Lenders in this kind of financing will hardly care how much you earn from your office job, in case you have one. Unlike banks, they do not evaluate borrowers based on credit scores or credit reports. What lenders care about is the deal you plan to close using their money. In short, you must convince a lender that your project is worth funding and that you will be able to repay them through this.

Let us take rehabbing houses as an example. In case you need private money financing for a rehabbing project, lenders will evaluate the property you want to rehab. They will determine whether it will result in positive returns.