Hard Money Loans In San Jose, CA
In San Jose, CA, RTI Bridge Loans offers many types of hard money loans, including private money loans, fix and flip loans, commercial real estate loans, construction loans, and many more to suit your needs best. Hard money loans in San Jose are an easy way to borrow money without jumping through all the hoops that banks make you do. In the booming San Jose real estate, there has never been a better time to start investing. Currently, rental properties are very hot investments, since many Californians can’t afford to buy a property and are opting to rent.
San Jose Private Money Loans
Serving San Jose and surrounding areas, RTI Bridge Loans is a private money lender that specializes in providing investors with these types of hard money loans. Like all types of hard money loans, private money loans are short-term loans that last roughly one year, with real property used as collateral and higher interest rates. Over the next few years, you can expect to see San Jose neighborhoods flourish and grow, so now is the best time to invest! RTI Bridge Loans can help provide you with the private money loan you need in San Jose, Ca, and can help you finance your next project in the area.
Fix And Flip Loans In San Jose, CA
San Jose is a major hub in the California Bay Area, with over 1 million inhabitants. The neighborhoods continue to change and grow, with hundreds of new units being built every year. This is where to fix and flip loans come in handy, and in fact, they are one of the most popular hard money loans in the area. Fix and flip loans are a type of hard money loan that investors use to buy a new (or used) property, renovate it (fix it), and sell it for a higher profit than it was bought for (flip it). These loans are also short-term – just enough time to fix up a property. After the property is sold, the loan is paid back in full. With over 15 years of experience, RTI Bridge Loans can help fund your fix and flip project – call them today at (562) 857-2285 to learn more about the San Jose real estate market and how to start your repair and flip project!
The Top Perks Of Utilizing Hard Money Loans
RTI Bridge Loans has new customers every day and a constant return of old customers, and there are many reasons why. Hard money loans have so many perks, which is a reason why so many people stay interested in them. For starters, they are incredibly speedy! Compared to traditional bank loans, hard money loans are very fast, and you will usually be funded within a few days of applying (2 weeks max). Bank loans can take upwards of two months to receive because they have to thoroughly check your background and credit history. Unless your background is seemingly perfect, more than likely, you will be denied.
Hard money lenders are so quick to fund because they usually don’t look at your background – they are more interested in your collateral property. Hard money lenders also provide funding for projects that most banks will naturally turn down. Fix and flip loans, for example, are something that a bank just wouldn’t understand. More than likely, you’d be denied instantly. Hard money lenders look at the fix and flip loans as an excellent way for both themselves and the borrower to make a handsome profit.
Last but not least, hard money loans are incredibly flexible. In comparison to bank loans, there are fewer rules, guidelines, and restrictions that need to be followed. Though still considered a ‘last resort’ option, people like that hard money loans are a natural choice because there are fewer terms. Call RTI Bridge Loans today to learn more about the top advantages of hard money loans.
The Disadvantages Of Hard Money Loans
Some people are scared of the idea of hard money loans, and it makes sense. It’s okay to be nervous about something this big. Plus, if you’re not fully prepared with a solid repayment plan, you might lose the collateral property that you invested in. In addition, interest rates are much higher than bank loans, so you need to be prepared. This is because there is a risk that both you and the lender go through to get the hard money loan approved – interest rates are usually between 9-15%.
Hard money loans are high interest, short-term, last resort, and risky, so know your facts and expectations before opting for one. Loan terms usually last six months to one year, and you should have a repayment plan that makes sense, or you may get denied. Seriously consider all of the above-listed disadvantages before you decide to invest using a hard money loan.