Short Term Loans Make or Break Real Estate Financing
Whether you are putting in an offer or just trying to hold on to a property, there almost always is a cash crunch time that puts your property in jeopardy. We have all heard the stories (or have some of our own) where the last $500 needed for a down payment or even a closing had to be scrounged up in 45 minutes.
The fire drill nature of that kind of financing may be exciting to some. But it really doesn’t matter how that money was found. What does matter is when the buyer works the deal to his or her best advantage.
Finding cash in the current market for any type of purchase has been more challenging the past few years. But that doesn’t mean it is impossible. In California payday loans have sometimes proven to be a smart way to get that last bit of cash, something like the few sips of Gatorade that push the marathon runner through the last mile. A lot of effort goes into the first 95 percent of the race, but it’s the last little bit that finishes the job.
Payday loans are like that Gatorade. Here’s how they work and make sense for the real estate investor:
- If you have a job, you can get one – Your credit score or your willingness to offer property (real estate, car, boat, motorcycle, art) are irrelevant. The loan is based on your rate of pay at your job only.
- Online application is easy and fast – Your loan request will take about 20 minutes to make (for many, it’s more like 10 or 15 minutes). And you’ll get confirmation of the request being accepted in about one hour. More than 85 percent of applicants are approved.
- Money by tomorrow – The lender will send you your money electronically, deposited into your bank account by the next business morning.
Cash crunches are always a time for creative approaches to financing. Be sure to study all your options – and don’t miss an opportunity because you fail to act.
- This is a guest article.