If you are interested in flipping homes as a way to make some extra profit, you may need a loan to get started. Traditional banks may be unwilling to lend you money depending on your situation even if you have a solid plan for your house flip project. They may also take a long time to get through the lending process. Hard money loans can help. In this video, you will learn about hard money including what it is, how it works, and how it can help you secure the money you need to get started with your new business.
Hard money lenders are able to loan you money as quickly as five to ten days. This makes it much easier to buy houses at an auction so you can get started with your house flipping project. They will also look at the purchase and what the loan will be used for and decide to approve your loan based on what they see. If you fail to pay back the loan in the future, then they will essentially own the house, minimizing their risk. This can be a great option for you because you are more likely to secure the loan if your plan is solid.