Things are quite different in the domains of property sale and purchase and everyone has some sort of business opportunities in this domain. The concept of applying for mortgage to any bank or other conventional lenders has also been vanished due to quicker and easiest ways of loan approval by these Hard Money Lenders, and prosperity has knocked at so many doors owing credit to them. You have no reason to worry about your running out finances if you are dealing with these private or hard money lenders. They dont look at the past and present details of your income earning sources, and they dont even want down payments as a method of security for them. They look at what you are dealing and the property proposal for loan is most important in this way.
Hard Money Lenders have set a trend of asking only about the kind of property under your consideration. They want a confirmation as if you are able to earn PROFIT out of it. If the answer is YES then they would take no time in giving out loan funds. You may be surprised at their mechanism as how it is possible to know the future of a property. Well! They have usually hired independent and professional evaluator for that purpose. These guys are experienced persons with knowledge of market and what kinds of trends are followed by general buyers. They would evaluate the suburbs of the property as it plays a key factor in determining the future price of any property. They have a habit of checking all the external and internal realities of any property like houses in general.
Well! Most of Hard Money Lenders emphasize on their borrowers to get into residential property business as it is paying profit at an earlier time. Most of evaluators give their feedback in one or two days and then the loan sanction process takes place even in 24 hours. There is logic behind dealing in residential properties as it fall in short sales property investment. It means that houses and especially single family dwelling sell out at much earlier time then the bigger houses and commercial properties. So, it would always be a safer and wiser sort of investment, and especially in the earlier days of your real estate investors career.