The hard money business has been very good for us in 2023. Over the last 12 months, we have had the opportunity to work with some outstanding clients who used the loans we made to invest in properties in Utah, Colorado, and Idaho. It has been an honor for us to help clients reach their financial goals this year. We look forward to many more successful transactions and hard money loans in 2024.
If you worked with Actium Partners for the first time in 2023, we want to thank you for your business and your willingness to trust us. We sincerely hope that our relationship has benefited you as much as it has us. And to all our regular clients who have been with us for years, thank you for continually allowing us to serve you as you seek to build wealth and stability.
As we turn the corner to 2024, remember that the reasons for choosing hard money through Actium Partners have not changed:
Minimal Documentation Needs
The way hard money loans are structured mitigates the need for much of the paperwork traditional lenders require. Needless to say that our documentation requirements are minimal. We will let you know what you need up front so that you can get everything together with your loan application. You will not get a phone call a month later requesting even more documentation.
Most of what we need will be related to the property you are hoping to acquire. Make sure you have all the pertinent information ready. That will enable us to do things on our end much more quickly.
Fast Approval and Funding
Speaking of doing things much more quickly, hard money’s primary advantage for real estate investors is speed. Our underwriting process is straightforward and simple. It doesn’t take that long to complete. Therefore, we can approve quickly and have you funded without delay. That is how hard money works.
How quickly can we approve and fund? One of the fastest loans we ever made was approved and funded in almost the same business day. Without getting into details, we were contacted on a Friday and transferred the funds on Monday morning. That’s how we meet the need for speed.
It is All About the Collateral
We are able to do what we do because hard money is asset-based lending. More simply, it is all about the collateral. Like traditional lenders, our loans come with a loan-to-value (LTV) ratio that dictates how much we lend versus how much you put into the transaction. The property you are purchasing acts as collateral on a loan. It needs to be valuable enough to cover the amount you are asking for.
If you have the collateral, we have the funds. That’s what it boils down to. We are thrilled with every opportunity to help a client obtain a valuable piece of property that will enhance their portfolio. When the client succeeds in that regard, so do we.
Have an Exit Strategy
One final reminder as we head into 2024 is to have an exit strategy before you apply for a loan. Hard money loans are short term loans by nature. So before you invest, it’s important that you figure out how you’re going to pay for what you borrow within a term that probably won’t exceed 24 months. Your term might even be shorter.
It has been an exceptionally good year at Actium Partners. We are looking to an even better year in 2024. We sincerely hope to work with you as you strive to reach your financial goals over the next 12 months.
