A traditional loan, whether through a bank or a mortgage

When it comes to the real estate game, there's plenty of money to go around, even in these tough economic times. The problem is that the money you need isn't always in the right place at the right time which makes life difficult at times. Although a loan could get you through a tough spot, there are times a traditional loan isn't going to work. That's where a hard money loan from a private money lender can be exactly what you need to make a successful deal happen.

A traditional loan, whether through a bank or a mortgage company, is designed for the end consumer, a person or family who is buying a house to keep. These loans are intended to be paid off within 15 and 30 years and are generally low interest loans, usually between 3.5% and 5% in today's market. Quite often, if these types of loans are to be paid off early, there is a penalty to be paid since the financing institution isn't going to make all the money off of the interest the original contract stated. Plus, it can take several weeks or even a couple of months for all of the paperwork to be processed before the funds become available. These limitations don't work well in a fast-paced environment. A private money loan or bridge loan is completely different.

While private money loans do have higher interest rates, usually between 9% and 13%, they're designed to be short term loans with a payoff period between 9 months and 2 years. This is the perfect type of loan for a developer or a reseller who has a property that hasn't turned yet. Developers can use the funds to start a new spec house while resellers can use the funds to complete a refurbishment and to pick up a new distressed property to refurb. To keep the cash flowing, a private capitol loan could be the leverage you need.

Since this type of loan is based strictly on collateral, this means much of the paperwork is eliminated since there are fewer checks for credit and other factors. This reduces the time required for a loan from weeks or months to usually a few short days which enables you to have the funds on hand you need when you need them. There is no penalty for paying off the loan early because these loans are intended to be for a short term. If you're a developer or a flipper, you'll definitely want to take a close look at bridge loans and hard money loans to power your business.

The best way to get the capital you need for your business is by finding private money lenders who make their own decisions. Dale Klein researched and found the perfect direct hard money lender that gave him the money he needed.

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