There are many situations where you may be seeking fast property finance. It may be the purchase of your first home or investment property, or maybe you have come across a unique opportunity to extend your portfolio but you need to act quickly.
While there are many mainstream lenders that can provide property finance, in many cases the approval times are lengthy and the opportunity to make the purchase may be gone by the time the finance has been approved.
This article makes two alternative suggestions how you can get fast property finance. Generally speaking, these advanced options of fast property finance are more likely to suit experienced property investors who hold additional securities and have bought and sold properties in the past.
Short-Term Financing or Bridging Finance – Short-term financing may be a good option to get fast property finance. In such an instance, your short-term finance would act like a bridging loan, allowing you to get funds quickly and take advantage of the opportunity at hand. You could then refinance with a mainstream lender later on, when time is not a pressing issue anymore. Short-term financing options are typically offered by boutique lenders that are flexible and can provide quick turn around. Amounts would normally range from $10,000 to $2 million.
Choosing A Boutique Lender – A boutique lender is a great option to get fast property finance. Boutique lenders are generally flexible enough to tailor a solution to your exact needs and they have very fast turnaround times to get your project started. Because you deal with the lender directly, rather than through a broker you will have direct access to ask any questions and you’ll cut out additional administration. Finding a good boutique lender can be a challenge, so it is wise to ask your colleagues and mentors to recommend someone. It also pays off to choose a boutique lender who has extensive experience in the field of development funding and who knows your area well.
Keep in mind that when you’re searching for fast property finance, there may also be some providers out there with questionable moral motivations. That’s why it’s prudent to be careful when choosing the right provider for you. For example, you should make sure you check their references, how long the business has been around, verify the licenses they hold and check whether they are members in any industry association that adds credibility.