Hard Money Brokers or Direct Lenders - Which Are Better?
Seeking Hard Money Loans in Los Angeles County?
Direct Lenders have the money ready to go, and if they decide they like your loan, they can give you a quick answer and fund it directly.
However, Direct Lenders can be somewhat restricted with their underwriting.
The Direct Lender can do only certain kinds of hard money loans in Los Angeles County. If your qualifications fit, the Direct Lender can approve the loan quickly, but if your Loan Request is outside their guidelines, they will not be able too.
Great Hard Money brokers will shop your loans to Private Investors or Wholesale Lenders and normally have access to a large variety of loan programs. The problem with getting a loan through a broker is that it can take a little longer to get an answer.
As far as pricing, a Hard Money Broker tends to be slightly more expensive, but it is not always the case.
There are many good Direct Lenders, and there are many excellent Hard Money brokers.
It is difficult to judge which one will be better for you without knowing your specific loan scenario.
A commonsense approach is to contact several Hard Money brokers and several Direct Lenders and compare the results.
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