December 1, 2021

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Benefits of Hard Money Loans In Seattle

2 min read

Hard money loans are financing that is not provided by institutions. Many hard money lenders offer Seattle fast funding at attractive rates. The borrower will need to do a thorough background check on the lender and their business. However, you'll discover that Seattle hard money lenders can be a huge advantage in your search to finance your real estate investment projects.

Investors can get pre-approval for a hard money loan in one to two days if they submit the required documents. Seattle hard money lenders are primarily concerned with whether the asset has a good market value and that the borrower's equity is at least 20%. You can contact a Seattle hard money lender named Wilshire Quinn through the internet.

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As opposed to conventional loans that can take up to a month, financing can be completed in less than one week. It is important to inquire about hard cash lenders in Seattle. Private lenders offer more flexibility to customize your repayment plan. This freedom is not available to you if you are dealing with a large financial institution. 

You can talk to a private lender and agree on a repayment plan that is mutually beneficial for you. You will need to meet a variety of hard-set criteria, such as income history and experience. Bank approvals can be cumbersome, it is not surprising. 

There are high chances you'll be approved for the loan if you own a high-value asset that has at least 20% equity. You may not be charged prepayment penalties if the loan is paid off before the maturity date.