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How to Get a Hard Money Loan

Hard money loans help finance real estate investments. Real estate investors can get hard money loans from hard money lenders, which are not banks but rather private individuals and companies that lend their money to these investors. This type of asset-based loan uses the property as collateral, creating a quicker and simpler process for borrowers.

To get a hard money loan, the process is quick and easy so long as the investor has a piece of property to use as collateral. Investors can get a hard money loan from private individuals (who are using their own savings or money) or from companies like Civic Financial Services. Here are a few key points to getting a hard money loan:

  1. Find a reputable hard money lender - Its important to compare the reputation, location, speed, and affordability of various lenders before making a decision. Do they have good reviews? Are they local to the area an investor is doing business? How fast can they complete the loan process? How much will they charge for interest and are there penalties?
  2. Prepare proof of income - Unlike traditional loans, proof of income is one of the only pieces of paperwork that is required of a hard money loan.
  3. Prepare a repayment strategy - Before starting the loan process, its important to have an exit strategy from the very beginning. Since most hard money loans are short-term loans, hard money lenders want to make sure investors have a plan for the property as well as a plan to pay off the loan.
  4. Apply - Once investors find the right hard money lender to work with and have what they need to qualify, the last step in getting a hard money loan is to apply.

How to Get a Hard Money Loan with Bad Credit

As mentioned, a hard money loan is an asset-based loan that relies on the value of the property to determine the investors eligibility and the amount of the loan. Having bad credit shouldn't exclude real estate investors from investment opportunities. At Civic Financial Services, we offer hard money loans to various credit types, not just clients with good or excellent credit.

CIVIC is proud to help investors reach their goals and achieve their dreams by providing the financial help they need. We extend hard money loans based on the investment property and not just the individuals credit history.

How to Qualify for a Hard Money Loan

The next steps in qualifying for a hard money loan is finding the right loan for your needs. Whether you need a hard money loan for an investment purchase, to fix and flip a home, to cover construction costs, or to buy a rental property, CIVIC has got a loan for all.

If you're not sure about what type of loan you qualify for, we can simplify the process and provide guidance with our account executive team. Get in contact with someone today to get a hard money loan!