Phone: 240-436-2340
Maryland Hard Money Lenders. Private Loans in Maryland, Virginia & Washington, DC
In 2018 and 2019, we saw an increased number of transactions where our hard money loans were used to rehab and keep a home as a rental – as opposed to selling it right after the renovation is completed. Yes, we are talking about good ol’ buy-and-hold versus fix-and-flip. In 2020, I expect this trend to continue. If you’ve been previously focusing solely on flipping properties, now it’s time to consider the benefit of long-term investing.
In our previous blog, we’ve discussed the need for the new out-of-the-box thinking when it comes to rehabbing properties for profit in 2020. Specifically, we talked about how to add significant value and increase the price of the property by expanding its size. However, not every property profitably lends itself to such expansion. Also, not all real estate investors can carry out such renovation successfully. Here are several factors to consider when selecting the right property to expand and a few questions to ask yourself when deciding whether you’re ready to tackle such a project.
If you’re ready to rehab homes for profit in 2020, there is definitely good news. 2019 was an active and profitable year for our borrowers. As we sail into the new year, the fundamentals for another successful year in real estate remain unchanged. As we discussed in our previous blog, we’re fortunate to be living and investing in one of the most stable real estate markets in the nation.
In our previous blog, we’ve learned about the intricacies of private money loan serving and why private lenders consider it a good practice to establish a construction escrow account. Clear communication between a borrower and a private lender is essential for a smooth servicing of your loan and uninterrupted flow of your renovation funds. Here are three important things that you can do to ensure the success of your private loan after closing.
If you are new to private lending, you might have many questions about hard money loan process. How do you get a pre-approval? What’s a POF? Are you guaranteed to get a loan if you’re pre-approved? Can you get pre-approved if you don’t have a property in mind? Once you go through a hard money loan process, you would understand how easy it is. However, for those who’ve never worked with a private lender before, here is a step-by-step description of our hard money loan process.
The efficient management of construction escrow is an integral part of a hard money loan transaction. The choice of your lender makes a huge difference in how smooth the process is. Many borrowers who are new to private financing tend to focus on what happens before a loan closes and ignore an integral part of hard money financing – loan servicing.
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New Funding Resources, LLC
806 West Diamond Ave.
Suite 340
Gaithersburg, Maryland 20878
Phone: 240-436-2340
All loans subject to our review of underwriting criteria and conditions. We reserve the right to approve or deny any loan application based on our sole discretion.
New Funding Resources 