Torrance Private Money Loans
Serving Torrance and surrounding communities in the Los Angeles, CA, RTI Bridge Loans is a Private Money Lender experienced in offering these hard money loans. Private money loans are short-term loans typically used to buy a new real estate property. RTI finances these private money loans, helping you finance a commercial property and rental properties in Torrance, CA.
Boasting a population of over 145,400 and a population growth rate of 1.32%, you can expect to see Torrance, CA, grow significantly over the next few years. You certainly have no excuse for not making your move now as a focused investor looking to expand their property portfolio in the area. Get in touch with RTI Bridge Loans today to get your next project started!
Torrance Fix & Flip Loans
Highly prevalent in Torrance, Fix and Flip Loans are a loan type that enables you to purchase a property at a price lower than the market value, rehabilitate it, and sell it as quickly as possible for a high profit. You pay off the loan after selling the property.
Given the short loan term (roughly one year), your lender gives you enough time to revitalize the property and put it up on the Torrance housing market. RTI Bridge Loans has over 30 years of experience in financing Fix and Flip projects- call us today at (562) 857-2285 and start renovating a property today for incredible profits.
So, What Exactly Are Hard Money Loans?
It is common for investors to ask what hard money loans are- most even wonder whether these loans are legit. If you are experiencing difficulties with traditional bank loans, don’t want to wait the extended time it takes to get one, then a hard money loan might be an excellent option for you.
Hard Money Loans are a speedy way to borrow money without using typical mortgage lenders. Hard money lenders or companies take a different approach: they are less concerned with your ability to pay and lend based on the value of the property serving as the collateral. Should anything go wrong and you cannot repay the loan, the lender recovers the money by taking and selling the collateral.
There exist several types of hard money loans, including private money loans, fix and flip loans, bridge loans, commercial property loans, and more. They are typically short-term, lasting between one and five years. They also attract higher interest rates than traditional bank loans.
Generally, the same rules apply to the different types of hard money loans. But unlike traditional bank loans, you do not have to take endless steps and several months to acquire one. Reach out to RTI Bridge Loans today for more information on these loan types and which one best suits your needs.
The Top Advantages Of Hard Money Loans
As aforementioned, there are several benefits to acquiring Hard Money Loans. Following are the top 3 reasons why investors choose hard money loans over traditional bank loans.
They Are Fast:
When applying for a traditional bank loan, you not only need an excellent credit score and a good reason, but you also need to have the patience of the Biblical Job (we are talking at least eight weeks of waiting). The case is different for hard money loans. At RTI Bridge Loans, funding takes as little as 3-5 days (14 days maximum). We ensure you have your money ready to finance a new property in the soonest time possible.
They Are Flexible:
Besides being rigid, traditional bank loans come with have stringent guidelines- hard money loans don’t. Though each Hard Money Lending company has its regulations and rules, you only need to jump a few hoops to get the loan. Hard money lenders base their decision on the collateral, meaning you do not have to worry if you lack a perfect credit score.
Hard Money Lenders Help Finance Projects Often Rejected by Banks:
Banks look for specific things when analyzing your loan eligibility and are more likely to reject several financing projects that a hard money lending company would not, including fix and flip loans. Also, banks typically do not offer short-term loans, whereas hard money lenders focus on short-term loans.
Get in touch with RTI Bridge Loans in Torrance at (562) 857-2285 for all concerns or questions you have regarding hard money loans.