Knowing your hard money lenders 
is one thing you must do if you plan to venture in real estate investing. They could be your best friends in this business as they are to those who are already making a fortune in flipping houses, wholesaling, and other forms of real estate investing. Here are some qualities you must find in your hard money lender:
Hard money lenders are rich. They are basically people with ready money and are looking for opportunities to profit. For this reason, they are also called private lenders. And for this reason as well, many of them choose to be discreet. They do not have neon signs in front of their “offices.” They usually “work” in the comforts of their home. The best way to find them is to ask friends and colleagues for referrals. Your neighbor could be a hard money lender and you don’t even know it, so try asking him as well.
Hard money lenders are fast. Traditional lenders like banks usually take at least 30 days to process loans. That means that if you want to buy, for instance, a fixer upper home, you will have to wait for weeks before you get the money. By that time, some other competitor might have already snatched that fixer upper. That is one advantage of going to a hard money lender. Since he usually operates on his own, convincing him to grant you the loan is easier. Hard money loans are processed in just days. Lenders understand the tough competition in the real estate business and would seek to release your money as soon as possible.
Hard money lenders care about the deal. This is one major reason why a hard money lender is faster than banks and other traditional lenders is issuing credit. Traditional lenders assess borrowers based on their creditworthiness, or the capability to repay loans. This means you must show a proof of income and a good credit score to get cash. This is a tedious process banks are willing to take. A hard money lender, on the other hand, cares about the project you have in hand. For example, if you plan to flip a house, he will examine the property you will rehab. If he sees the profitability of your project, he will fund it. After all, his profit will depend on yours. The amount of money he will give you will depend on the ARV, or after repair value of the property.
Scores of hard money lenders are scattered across the country. Tapping one today could be the key to a successful career in real estate. Learn more about these lenders at www.shortsalesrussanbernardinocounty.me, your online resource of anything about real estate investing.
source: articlealley.com