Limitations of Hard Money Loans
Higher Interest Rates: Hard money loans often come with higher interest rates compared to traditional loans. This is because they are considered higher-risk loans due to the relaxed credit requirements and the shorter repayment period typically associated with these loans.
Shorter Loan Terms: Hard money loans are generally short-term loans, with repayment periods ranging from a few months to a few years. While this can be advantageous for investors looking to quickly purchase, renovate, and sell a property, it may not be suitable for long-term real estate investments.
Potential for Higher Fees: In addition to higher interest rates, hard money loans may also involve additional fees, such as origination fees, underwriting fees, and prepayment penalties. It’s important to carefully review and understand the fees associated with the loan before proceeding.
Your Newport Beach Hard Money Loan Experts is a Call Away
At RTI Bridge Loans, we are committed to providing transparent and reliable hard money loans and bridge loans to support your residential and commercial real estate ventures in Newport Beach, CA. Our team of experienced professionals is here to guide you through the loan process, answer your questions, and help you make informed decisions.
Contact us today at (562) 857-2285 to discuss your financing needs and discover how RTI Bridge Loans can assist you in achieving your Newport Beach real estate goals.