If you are currently in the market for hard money lending and you have been told repeatedly to go to a large national lender, you are likely wondering if that is the right choice for you. We can tell you right now that using a national lender in order to obtain a hard money loan is not likely to render the results you are looking to get. We would suggest that you do what’s best for you by enlisting the help of a smaller local lender instead. However, you don’t just have to take our word for it. Instead, check out the many reasons using a local lender in Aurora can benefit you in the long run below.
You will get far more attention from a personal lender.
When it comes to being a person during the process of getting a hard money loan, you likely won’t get that sort of experience if you choose to use a national lender. With hundreds, if not thousands of customers at each branch, national lenders simply cannot provide the personalized experience that a local lender can. When you choose to use a local lender like Abbey Mortgage, you can meet with a lender face-to-face. Rather than just being another application in a pile of thousands, you are treated as an individual and your application is considered thusly.
Your processing time will be much faster with a private lender.
When you meet with a local lender, you are actually meeting with the person who is the decision-maker where loans are concerned. Rather than meeting with a middleman like you would have to at a national chain, there is not third party that a local lender must report to. Rather than waiting weeks to months to get the approval of someone in an office who-knows-where, a local lender can approve a hard money loan in as little as one or two weeks.
You will likely up your chances of being approved.
Plain and simple there is less red tape when it comes to applying for a hard money loan with a local lender. A local Aurora money lender can make the decision regarding what a good investment is without having to ask the borrower for extensive explanations regarding whether or not the money will be able to be repaid.
You will reduce the possibility of default.
When it comes to local lenders, they most often put more effort into appraising and assessing properties before committing to a loan. This means that these loans are at less risk of default. This is because your local lender will likely work with you so that you can customize your specific loan to fit your personal circumstances. Local lenders have more knowledge of the local market.
In general, local lenders just know more about the local market, which will allow for them to accurately assess the possible risks and rewards of offering you a hard money loan. A lender who knows the market will be a great asset to you in the long run.
If you are considering applying for a hard money loan and you haven’t met with a national or local lender yet, make sure to make the right choice and contact Abbey Mortgage today. We are the hard money lenders in Aurora who can help you. Believe us, you won’t find personalized attention like this at a national lender.