Private money loans California is the best partner that you could ever want. If you are real estate investor looking for loan to complete business transaction and real estate deals, then hard money lending is great source for it. There are many misconceptions and rumors about private money lending. These myths are needed to be corrected so that people would be able to cash the lending offers.
California hard money lenders can move quickly. Since most private mortgage originators are private investors they do not have committees which can take weeks or months to decide whether or not they will give you a loan. Once you find a suitable deal and submit your application package, you can expect to close within the time frame of three weeks or less. This lets you write offers that can close more quickly, increasing the likelihood that you get the best deal. They can lend on assets that do not have proven cash flow. If you are looking to take advantage of foreclosed or vacant properties, you will find that many traditional lenders want to see the property generating a net operating income which is higher than the annual debt service. Private lenders look at your down payment and your ability to repay them.
Mortgage brokers in California should assess your circumstances, help you understand what you can afford, assist you in finding a California mortgage lender that fits your needs, and guide you in navigating the paperwork. When hiring a mortgage broker, choose a local one who really understands your neighborhood. Another benefit of using a local California mortgage lender is that they will be available in person and can deliver documents to you quickly to keep the process running smoothly.
One myth is that private money is too expensive. The fact is that private money is more expensive but is only one factor when assessing your lending options. It will cost more than traditional bank loans but is priced according to the law of supply and demand. Second one is no private money lender can fund in less than a week. This is absolutely wrong about private money lending. There is no hard and fast rule of days of funding. If the borrower is organized and diligent in providing the documents to money lenders then no need to wait. They will fund borrower in short time typically less than a week.
At last I advised you to contact hard money lenders for more help. By considering all facts about this business one should easily understand the reality and make the difference between myths and original situation. I would suggest if anyone wants a loan for his business in short time and with minimum documentation then he should apply for hard money loan.