To add to the confusion of deciding on what type of loan you need for your investment, it would surprise you to know that there are several different types of hard money lenders to choose from. Here are a few of the different types of hard money lenders to choose from.
Typically a broker will have a few lending sources that you could choose from. As a broker they are able to shop around through their different lenders a find you the best deal possible.
A mortgage bank can provide you with money that you need to purchase a property. Taking out a hard money loan from this type of hard money lender the loan will typically be a short-term loan with a balloon payment at the end of the term.
Another type of hard money lender is a commercial bank that could offer different types of programs. For example, if you want to expand your business you could take out a hard money loan from this type of lender to be able to.
Doing business with a credit union is another great option and you are able to find some on the Private Money Lending Guide under our lender directory. Since credit unions are considered non-profits they are able to typically provide you with a lower interest rate. One downfall is they are typically limited to certain types of businesses and areas that they can lend to.
Private Money Lending Guide can provide you with a robust list of finance companies for your hard money loans. Finance companies can typically provide you with any type of loan that you may need.
There are a ton of hard money lenders listed online in our hard money lenders directory. Being able to work with these online lenders will allow you to do business from the comforts of your home or your office. With them being online you are able to shop around to get the best deal. The directory allows you to search the geographical area for your property so that you get a lender that is licensed in your state.