California hard money lenders offer a helping hand to beginners. It provides commercial and residential loans to those who are neglected by conventional banks. Beside this, they also provide loans to real estate investors. Investors need great amount of money to start business or complete financial transactions. Apart from getting the financing they need for the real estate deal, investors get a lot more when they tap these creditors.
California private money loans are equally popular among businessmen and common persons. It does not require income verification process to apply for private money loans California. Contrary to traditional banks hard money lenders does not require large documentation for applying for loans.
California hard money lenders are willing to provide investors up to 70% of the after repair value of the rundown property. In most cases, especially when you are able to buy a house at a deeply discounted price, 70% of the ARV is often enough for all of the investor's expenses. That means you might be able to buy an old house and turn it into a new home without using your personal money. All you'll need is the financing provided by the lender.
Developing viable hard-money loan options may make it possible for mortgage brokers to close more loans in this challenging environment. Hard-money loans can seem difficult for many reasons, however. Brokers who haven’t worked with hard-money lenders before may have some misconceptions about this type of financing and question whether they are a viable funding source.
Regardless of the path you choose in obtaining private financing, you will find private financing companies are more flexible in lending criteria than banks, California hard money lenders, or similar traditional lending institutions. Check out private financing companies and brokers online to see which will suit your business needs most effectively. There are few other qualifications for a hard money loan besides having that 30% "skin in the game" (skin in the game means having the 30 or more percent to put down on a purchase or at least 30% remaining equity in a home when refinancing.) Depending on the size and scope of your California deal you may be required to have a FICO score of 620+ but for most transactions most lenders still loan to anyone - even with bad or no credit.
If you want to know more about Hard Money Loans or interested to get loans, do contact us at: http://www.equitycoalition.com/contact/