If you want to purchase real estate as an investment but are denied traditional financing because the property is in poor condition, a hard money loan may be a good alternative.If you need hard money loans in Fort Lauderdale, it’s helpful to know the benefits of hard money loans.       What Is a Hard Money Loan?       Although the exact terms can vary, a hard money loan involves borrowing money from a lender and paying it back monthly at a relatively high interest rate.Hard money loans in Broward County, Florida are an alternative to consider when traditional lenders are unwilling to lend to you.Most hard money lenders charge a one-time fee up front and accept the property as collateral to back the loan.Because interest rates are relatively high on hard money loans, borrowers should pay back the loan as quickly as possible.This is an option that is sometimes used by house “flippers” who purchase an investment property in need of work and sell it relatively quickly, allowing them to repay the hard money loan.       What Are the Benefits of a Hard Money Loan?       Hard money loans in Fort Lauderdale offer distinct advantages as compared to traditional financing.       First, the process of obtaining a hard money loan is much more rapid than obtaining traditional financing.Because the physical property is used to back the loan, the hard money lender is only interested in the value of the property, whereas traditional lenders are interested in things like your credit history.This means that a hard money lender can assess the property’s value and whether to give you the loan in a relatively rapid fashion.       Second, hard money loans often allow you to borrow more and do not require a down payment.If your assets are not liquid, a hard money loan can work for you.Because hard money lenders will often lend 100% of the property’s value, you are able to secure financing without a down payment and borrow more than a traditional lender would allow.       Third, hard money loans are helpful for real estate investors just starting out.You may not have the money for a down payment, but taking out a hard money loan on an investment property that you intend to quickly flip is a way to get started in the business.Once the property sells, you should be able to pay back the loan and walk away with funds to invest in another property.   Additionally, once you have established a good working relationship with a lender, it’s likely that the hard money lender will want to continue to work with you.This all adds up to a good start in real estate investing.       Although hard money loans in Fort Lauderdale are not without risk, they are a good option for very specific circumstances.The benefits for you come down to this:the ability to quickly secure financing for an investment property so that you can renovate and resell the property, thus, paying back the loan and receiving a return on your investment.This is a particularly good choice for real estate investors who are just starting out.