Are you shopping for a hard money loan in Cooper City or elsewhere in South Florida? It is important to know what to look for when you are choosing a company to work with on your hard money loan.
In fact, as much as due diligence is necessary when choosing a lender for a regular mortgage, it becomes even more vital when you are researching options for hard money lending.
Why? Borrowing in this manner means paying a higher interest rate than you would otherwise, and you want to be sure you are being treated fairly.
Plus, some borrowers do try to get hard money loans who cannot afford them—a transparent and legitimate lender will turn away such customers to protect them.
Looking for a Hard Money Loan in Cooper City or elsewhere in South Florida?
Below, we talk about important considerations when you are choosing a hard money lender in Florida.
- Pick a licensed company that complies with regulations. The first thing you should do when you are choosing a hard money lender is to look the company up and make sure they are licensed in Florida. If there is no licensing information, you should move on right away. Licensed companies are lending in accordance with the law. Those that are not will not have your best interests at heart.
- Chose a hard money broker. Another consideration when selecting a company for your hard money loan is to choose a broker rather than a direct lender. A broker is a company that can connect you to multiple hard money lenders in your area.
Benefits of working with a broker include:
The broker has screened its list of lenders with care, and will only connect you with legitimate, licensed lenders.
The broker can search for the lowest rates for you so that you do not have to.
A mortgage broker can sometimes access hard money lending deals that are not available to the public at large.
- Work with a company that is offering competitive, but believable loan rates. With a hard money loan, you can expect your rates to be higher than they would with a regular loan. But that does not mean that they cannot be competitive. Still, you should be wary of offers that are too good to be true. Of course, if you are only dealing with licensed companies, you should not run into those.
- Go with a hard money lender in Florida that can help you to achieve your specific goals. If you are seeking a hard money loan, you may have special circumstances that require specific expertise. For instance, perhaps you are trying to invest in real estate, and are looking to save time with a hard money loan. Maybe as an investor, you are also self-employed. If that is the case, you will have the best experience if you are doing business with a mortgage company that works often with investors and other self-employed people. Doing so will speed up the process and make it go smoothly and pleasantly.
- Stay Local. One more tip when you are choosing a mortgage company for a hard money loan is to pick one that is based in your local community. The personalized attention and care you get from a local mortgage company will always far surpass that a big box lender would provide. A local lender can also help you discover other solutions to help you get the flexible financing you need.
Get the Competitive Hard Money Loan You Need Now
If you are ready to find a competitive hard money loan fast, please give Premier Lending Corp a call at 954-840-8811 to schedule your consultation. With our established network of area lenders, we can quickly and easily connect you with the right loan.