Is there a lot of red tape with Hard Money Lenders?
No. Unlike banks, which must comply with several levels of “red tape” before a loan can be made, hard money lenders base their underwriting skills on one thing, collateral. Equity is KING in a Hard Money Deal. The more equity you have in a deal the faster you will get your funding. Although Hard Money Lenders evaluate the “whole picture”, which may include reviewing personal balance sheets, the weight is put on the specific type of collateral and its potential value, not on the persons’ creditability.
