Banks are great for stable, long-term loans. They're not built for fast, messy, or unusual deals. Here's how to tell which you need.
NMLS #65972431+ years$100M+ placed
| Bank loan | Hard money | |
|---|---|---|
| Decided mostly on | Your income and credit | The property and your plan |
| Speed | Often slow paperwork | Built for speed |
| Distressed or unusual property | Often a no | Often workable |
| Best for | Stable, long-term financing | Short-term investor needs |
| Typical cost | Lower | Higher, for the speed and flexibility |
If the property is in good shape, you have time, and you want the lowest long-term cost, use a bank. I'll tell you that. Plenty of my flips end with a refinance into a bank loan.
A single lender gives you one set of rules and one answer. I take your deal to several, so a no from one doesn't end it.
No. It's a short bridge to a sale or a bank loan.
Often, once the property is finished or stabilized.
A bank, usually. Hard money buys speed and flexibility.
What to have in front of you
Not all of it? Call anyway. I will tell you what I need. I only do investment property.
