You might have asked yourself this question, “Should I choose a hard money lender near me?” We know that most lenders with nationwide coverage might offer you lower rates. However, choosing a local hard money lender also has its unique benefits. We discuss some of the top benefits only a hard money lender located near you can offer.
Benefits of A Local Hard Money Lender
1. More Flexible Loan Terms
Many investors use hard money loans for their transactions because of faster speed and more flexibility than conventional loans. A local lender who’s from the same real estate market you’re investing in would have a better understanding of the market’s strengths and weaknesses. Therefore, they can assess your transaction a lot quicker, identify risk factors, and in turn have more flexibility in your rates and terms.
2. Building Long-Term Relationships
Having a good track record with a local hard money lender can land you more affordable rates and favorable terms in your future transactions. It also builds your reputation!
3. Faster Application Process
Technology has certainly made how we do business faster. You can easily scan and send your documents if you’re working with a lender out of your state. But emails and calls can be easily ignored and you might be competing for time against other loan applicants. When applying for a hard money loan, it’s still ideal to meet with the people who will ultimately make your loans happen.
4. Avoid Fake Lenders
The real estate industry doesn’t have a shortage of reputable hard money lenders like GL&L Holdings who are dedicated to helping you succeed. However, you will find that there’s also a lot of scammers, con artists, and fake lenders that might take advantage of your need if you’re not being careful. If you choose to work with a local hard money lender, there’s a chance you may know someone who can verify their experience with that specific lender. You can also visit the lender’s office to verify if they have a legitimate business.
Applying for A Loan With A Local Hard Money Lender
If you’re choosing a hard money lender near you, you might want to make some preparations before heading out to your lender’s office. Coming in prepared will boost the chances of your approval. Do your research and prepare for any questions they may have about your deal. To give you an idea, here’s a list of the typical document requirements a hard money lender would need from you.
- Copy of your valid driver’s license & Social Security or ITIN#
- Completely filled out and signed credit application
- 3 months of your latest bank statements or proof of funds
- Latest Paystub
- 2 years worth of tax statements or W-2s
Now that you’re ready, it’s time to find a hard money lender near you! You don’t have to look far, because if you’re investing in Houston real estate or nearby, GL&L Holdings is a local hard money lender, who can help you. We have more than 10 years of experience in the Houston market and are a family-owned business. Our underwriting is done in-house so we can close your deals within 14 business days or less.
Feel free to reach out about your deal scenario! You can visit us at 14780 Memorial Dr, Suite #220, Houston, TX 77079, or call us at (832) 770-9415. You can also email us at info@gllholdings.com.
