Hard money lenders offer competitive deals to any potential investors. However, there is a huge difference between borrowing from national lenders and a regional counterpart. With a national lender, your loan is a set of numbers. This means that if your ARV projections rehab or purchase match an acceptable risk matrix, your project will be approved. This, however, doesn’t mean that the deal is good.
The great thing about LBC Capital LLC is that they take time to make sure that you’ve got all the resource needed to update and outfit your investment property.They have a solid understanding of your neighborhood; they prioritize your project and are personally invested in your success.
Here are more reasons why you should choose a local hard money lenders office.
Local Lenders Can Be Flexible
Local lenders will pay attention to your story. Since they put their own money towards your project, their underwriting criteria is based on your unique scenario. The challenge with national lenders is that they package and sell their loans to private equity firms. This transfers the risk to the buyer.
Taking into account what the firm is willing to purchase, lenders will create groups of acceptable deals that are based on statistics and numbers. If you fit in a particular category,you get a loan. If you fall short by a few points, the lenders will reject your loan.
An Individualized Support
With local lenders, you matter, and this is not because of the money they invested in you and your project. They’ll take time to meet you in person or talk over the phone.During such meetings, local lenders will provide you with valuable tips, allay doubts, and answer any questions that you may have.
This is unlike the national lenders who choose to keep their interactions to a minimal. The individualized support encourages success and maximizes the return on investment for your property.