Why do real estate investors prefer hard money over traditional bank financing?

Real estate investors may prefer hard money over traditional bank financing for several reasons, including:

Speed: Hard money lenders typically have a faster turnaround time than banks, which can be beneficial for investors who need to close quickly on a property.

Flexibility: Hard money lenders are often more flexible than banks when it comes to the terms of the loan. For example, they may be more willing to finance properties that are in poor condition or have lower credit scores.

Less Documentation: Hard money lenders may require less documentation than banks, which can make the loan application process faster and less burdensome.

Easier Approval: Hard money lenders may be more willing to approve loans for investors who have been turned down by traditional banks.