When you're looking to buy investment real estate, the private lending community can be your biggest ally. Hard money lenders don't just have money to lend. They also have the vision to realize a deal that is worth lending on. After all, they don't have to check boxes or get approval from higher ups in their bank. In many cases, it's their money, and they're looking to invest it as much as you're looking to borrow it. However, like any industry, some lenders are better than others. Here are five ways to separate the wheat from the chaff and find the best hard money lender for you.

1. Look for reasonable lending standards.

While hard money lenders are in the business of taking risks, the best of them take prudent risks. A lender that wants to see how you can make money on an investment and requires a sizable down payment is one that is an astute businessperson. Choosing that type of hard money lender will, in the long run, give you a more fruitful business relationship.

2. Choose lenders with quick turn around.

One of the biggest advantages of working with private lenders is that they're small and streamlined. This gives them the ability to make relatively fast decisions so that you can get control of more deals more quickly. If a hard money lender can't approve your loans in days or weeks, it negates much of the benefit of working with them.

3. Find out costs.

Hard money lenders shouldn't be so expensive that you can't make a good return on your investment. While it's very common for you to pay a 2-4 points in origination fees, and interest rates in the low double digits, anything significantly above those ranges for a straightforward investment should raise a red flag.

4. Work with real estate experts. 

Your private lender shouldn't just be a lending expert. He is in the real estate game and should understand the market and how investing in properties works. Not only will this help him work better with you, but it can also let you turn to him as a resource so that you both look for deals.  In the end, you both benefit because you get the property and he helps you get the financing.

5. Ask a trusted advisor.

Finally, whether you want to check out hard money lenders that you find yourself or you need some good options, talk to an agent, attorney or accountant. They can help you make a good choice.