Take a detour to fulfill your financing needs
Loans – going the traditional route
Getting a real estate loan the traditional way can be daunting. You have to send an application to a lender or a financial institute, make sure it’s good enough to sanction an approval which rarely ever comes after the first attempt. Likewise, going to the bank is a separate hassle in itself as you have to submit a lot of documentation for review, and that can take anywhere between a few weeks to a month. Considering how real estate prices are always shooting up, and inflation rates are consistently increasing, a long waiting period can be very derailing. This prompts you to find more lenders who would be willing to give you the loan but it isn’t as much the exertion as it is the mismatched agreement that does the damage. This approach is wholly hit or miss and usually doesn’t factor in the types of loans provided and their implications on individual budgets. In worst case scenario, you sign a contract that plummets your credit score, ultimately, harming future prospects.
With Lendersa, individuals can leverage modern technologies to find a loan at incredible speeds. Also, chances of approval go up by a long shot. There is a proper system in place that tells you about your likelihood to get a loan before you send in an approval. Similarly, you can send a loan quote request to further the process. The company also offers hard money loans which are great for when you need financing in a short amount of time. For that purpose, there is a powerful set of tools that minimize risk and increase your chances of getting the best loan suited to your needs.
How it works
Step 1: You let us know what kind of loans you’re looking for on our website, and once your request goes through, a list of the best lenders in your area is generated. The great part is, you do not need to put in your social security number. Rest assured, all of the lenders quoted on the site are qualified and verified after thorough background checks.
Step 2: Once you’re done with the first step, you will have to select up to six lenders from the list. While you can choose less, it is recommended that you choose the maximum. This will expand your options and enable enhanced filtering. In just a few moments after this, you will start getting loan proposals from all the lenders you selected. The website’s user-friendly interface allows you to receive them in your dashboard, where you can analyze them according to your convenience.
Step 3: All that’s left to do now is compare each proposal and start a conversation with the lenders. You can negotiate your terms, ask for more details, and get a quote. And if you’re a bit hazy about how you’re supposed to go about it, you can ask your desired lender to help you out by providing the relevant information.
My loan applications have been rejected in the past, what do I do to get an approval?
Just because you were rejected by other lenders in the past doesn’t mean it will always go that way. With our technology, you get recommendations on how to improve your overall loan presentation. Verily, if there’s something missing in the request, we tell you how to rectify it and suggest the necessary details to increase your chances of getting an approval. Moreover, with your application exposed to hundreds of lenders, it is highly unlikely that you won’t get a favorable response from at least some.
My credit score is pretty bad, how can I still get an approval?
Having a poor credit score is obviously not ideal, however, you can still get a loan approval. This is because hard money lenders extend loans based on your equity. If you have a considerable amount of the latter and a bad credit score, your request still has chances of getting approved.
My situation isn’t usual, how do I go about the loan process?
Lenders lend to a vast variety of people and their circumstances are often quite unique. This is the benefit of choosing private lenders as opposed to banks, because the former provide sufficient flexibility to adjust different types of loan needs. Additionally, our loan calculator allows you to assess the uniqueness of your loan, and puts your request at the forefront so that it is visible to different lenders.
The best lender programs
While lenders might seem limited in number, the amount of programs they offer can be in thousands. Such variety increases your chances of weighing the pros and cons of each option so you can match the benefits offered by one program against those of the other. By assessing the variable interest rates and cost vs. liability advantages of each, you can get your hands on the right kinds of hard money loans for your financing needs.