Baker Collins Talks Benefits of Hard Money Lending Firms

As a company that provides real estate financing, Baker Collins aims to help borrowers, investors and brokers close on property investments quickly and at a fair rate. Hard money loans, the kind of loan that the company specializes in, are a collateral-based loan against a hard asset, usually real estate. They are provided by private sources, unlike conventional loans which are provided by banks or the government.

Hard money loans’ biggest advantage is its fast turnaround time, and Baker Collins guarantees a fast approval process and funding. According to the company, hard money loans are processed faster since hard money lenders do not have to follow strict lending guidelines. They instead look to the collateral as security for repayment. The application also has fewer requirements, speeding up the process thus giving applicants a higher chance of being approved.

Another advantage of hard money lenders is that they can provide funding for projects that banks might not want to fund. A good example of this is a fix and flip loan, which involves purchasing property with short term financing. A 12-month loan is usually preferred for this type of project, but this is something banks do not normally offer. Baker Collins, however, is offering this term in its Tier 1, 2 and 3 Investor Loan Programs.

One thing that sets Baker Collins apart from its competitors is its ability to produce custom metrics, making it possible to structure its hard money loans around the financial circumstances of the individual or the corporation. Not only does it adjust its lending terms and rates per project, it also offers reasonable and competitive financing for real estate investment.

The company’s Tier 1, 2 and 3 Investor Loan Programs include renovation and new construction. Tier 3 requires a credit score of more than 620, does not require a minimum down payment, and is open to legal residents only. Tier 2 also requires a credit score of over 620, but requires a 10% down payment. Tier 1 does not require a minimum down payment but requires a credit score of over 680. It is available to foreign nationals, just like Tier 2, and features a Landlord Program. To learn more about Baker Collins, visit www.bakercollins.com.