It is almost impossible for someone working a 9-to-5 to buy a house with cash. But fortunately, there are banks that offer residential loans so people can buy the house they want. However, securing a loan is not easy. If you have a low credit score, you can’t secure a loan. That’s where hard money loans come in.
You can get hard money in Atlanta even if you don’t have a good credit score. There are several benefits that you can gain by availing yourself of this option.
Short-Term Sustainability
In situations where you require a short-term loan, hard money is the perfect option. Hard money loans last between one to three years. Since they are short-term loans, you can get a when there’s a delay with your long-term loan. Hard money can act as a bridge for you until you get your soft money loan.
Works with a Low Credit Score
Even if you have a low credit score and a hard-to-verify income source, you can get hard money in Atlanta as long as you have a tangible asset. The lender can take the asset as collateral if you fail to pay back the loan. Since most people get hard money loans for real estate, the asset is often a property.
Ideal for Flipping
Flipping is the practice of buying homes in need of repairs, fixing them, and then selling them to make a profit. It is difficult to secure financing for flipping, but you can easily get hard money loans for flipping.
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