Great Property, No Credit, No Problem
Lately banks have had it tough. That’s not to say they’re to be pitied and given charity – they are still, after all, multibillion dollar organizations. Still, with the global economy on its back and the public angry about the banks’ role, traditional lenders in banks have been hesitant to loan on higher risks. Nowhere is this truer than in California, where seemingly one financial crisis after another – whether in the public or private sector – has rocked the confidence of lenders in the state.
Luckily, there are hard money lenders in California who can step in to help where banks falter. A hard money lender in California is typically interested in an investment in a piece of real estate; the loan is used to renovate, sell, or otherwise make a profit off of the property in question.
For a hard money loan California is perfect: the state has vast amounts of land where development can turn quite a profit, and the state itself continues to attract immigrants – new residents and businesses, in other words – due to existing industries like film and tech. Through the hard money loan California has seen its development continue even in financially unsure times, thanks to a bit of gambling on the part of these private lenders.
Hard money loans in California can usually be had from large real estate investment firms like Coastal La Jolla Funding, Vantex Capital Group, and the PB Financial Group Corporation. For these and other hard money lenders CA stands for ‘cash available’ – they have it, and they hope you’ll be paying them back even more.
Most hard money loans will have their interest rates set based on the collateralized real estate; many lenders won’t even take your credit score or loan history into account when calculating the loan size or interest rate. This can have its benefits and drawbacks: if you haven’t been the most timely debtor, you may be able to get a loan from a hard money lender when most banks would refuse you outright. On the other hand, even if your credit score is amazing you may end up with a much higher interest rate than you would otherwise receive from a bank loan.
Even if you receive a hard money loan, though, you’ll still be expected to put some of your own cash into whatever you’re using the loan for – most like a commercial real estate deal. The majority would come from the hard money, yes, but you would be expected to provide a portion of your own cash as well as perhaps other, smaller loans. This reduces the lender’s risk and ensures that you have a dog in the race, so to speak. Either way, when you need money in a fix and a bank won’t do, hard money is there for you.
Lately banks have had it tough. That’s not to say they’re to be pitied and given charity – they are still, after all, multibillion dollar organizations. Still, with the global economy on its back and the public angry about the banks’ role, traditional lenders in banks have been hesitant to loan on higher risks. Nowhere is this truer than in California, where seemingly one financial crisis after another – whether in the public or private sector – has rocked the confidence of lenders in the state.
Luckily, there are hard money lenders in California who can step in to help where banks falter. A hard money lender in California is typically interested in an investment in a piece of real estate; the loan is used to renovate, sell, or otherwise make a profit off of the property in question.
For a hard money loan California is perfect: the state has vast amounts of land where development can turn quite a profit, and the state itself continues to attract immigrants – new residents and businesses, in other words – due to existing industries like film and tech. Through the hard money loan California has seen its development continue even in financially unsure times, thanks to a bit of gambling on the part of these private lenders.
Hard money loans in California can usually be had from large real estate investment firms like Coastal La Jolla Funding, Vantex Capital Group, and the PB Financial Group Corporation. For these and other hard money lenders CA stands for ‘cash available’ – they have it, and they hope you’ll be paying them back even more.
Most hard money loans will have their interest rates set based on the collateralized real estate; many lenders won’t even take your credit score or loan history into account when calculating the loan size or interest rate. This can have its benefits and drawbacks: if you haven’t been the most timely debtor, you may be able to get a loan from a hard money lender when most banks would refuse you outright. On the other hand, even if your credit score is amazing you may end up with a much higher interest rate than you would otherwise receive from a bank loan.
Even if you receive a hard money loan, though, you’ll still be expected to put some of your own cash into whatever you’re using the loan for – most like a commercial real estate deal. The majority would come from the hard money, yes, but you would be expected to provide a portion of your own cash as well as perhaps other, smaller loans. This reduces the lender’s risk and ensures that you have a dog in the race, so to speak. Either way, when you need money in a fix and a bank won’t do, hard money is there for you.