A hard money lender that specializes in the real estate industry is an individual or company that provides the financing for real estate investors with private funding. Hard money lenders are generally first lien and title holders to the property in which the funding is supplied. Many of these lenders are working business men and women who simply want to see a high return on their investment, while others are retirees who enjoy having a steady stream of income.
Traditional lending is beginning to lose some of its power among commercial and residential investors. Finding California hard money loans is often preferable to going through the red tape involved in securing a traditional loan. Residential and commercial investors are looking at many different properties at any time during the week and do not have the time it takes to wait for a traditional lender to make a decision in their favor. With lending policies tightening up investors are forced to seek funding from sources that are more timely and tuned into their ever changing needs.
- Amount of cash needed
- Turnaround time requirements
- Purpose of the loan
- Income documentation
- Credit qualifications
Not all individuals can complete the cumbersome process of traditional loans and fulfill the documentation required. More often, due to credit score, inconsistent loan history and even insufficient documentation, loan applications are often rejected. This will not only include those who don’t qualify, but even those who can afford the loan might get rejected. In such scenarios and when a person needs cold hard cash, they can opt for a Hard Money Loan. Hard Money Loans are given against collateral, such as a Real Estate Property. States laws vary for hard money lending, so it is ideal to go with lenders in the respective state. So, if you are in California, California Hard Money Lenders are your best choice.