How quickly does your hard money lender work?
In the fix and flip business, how quickly your lender operates can make or break your deal. Whenever distressed properties are in the mix and an investor is trying to acquire their next property at the right price, being able to secure funding and a proof of funds without delay is of the utmost importance. ABL has closed loans in as quickly as 2 days, and averages only 10.
The need for speed applies to more than just the closing process. Time sensitivity is important at many instances throughout the deal, such as scheduling inspections, wiring funds for draws, and generating payoff requests.
What about pre-payment penalties?
The speed with which you can complete your project is just as important as the speed that your hard money lenders in Maryland operates at. Depending on your level of experience flipping or building houses, you may not need the full 12 months of the loan term to complete the project and payoff your loan. Most reputable hard money lenders appreciate borrowers that can complete the project on time (or early) and will not charge any fees or penalties if you decide to payoff early.