Banks are not in the real estate business and they are also hesitant to give loans to real estate investors because they are not guaranteed that the said loan will be paid. Therefore, investors have to look for alternative means of financing. There are different ways of getting financed but the one I shall focus on today is hard money loans. Not only do investors benefit from this kind of loans in but also homeowners who may be facing bankruptcy. Of importance to note is that as the hard money industry evolves so do private lenders as LBC Capital LLC evolve. The following reasons justify why hard money works.
First and foremost, with hard money loans, a bad credit score is no problem. Unlike banks, hard money loans do not consider your personal creditworthiness as part of the approval process. This means that even if your bankrupt or gone into foreclosure, you still qualified to access a hard money loan. The only catch is that your hard money loan is tied up to the value of the assets you own- not your credit.
Secondly, you don’t need income documentation with hard money loans. Banks look into documents and waste much time on verification. For hard money lenders, they understand some people are self-employed and such documentation is not available for them. So instead of focusing on your paycheck, they focus on the value of assets.
Thirdly, hard money loans are more flexible compared to ordinary bank loans. Bank loans tie you to strict forms and rigid processes that you have to follow in order to get funded. Hard money loans have lesser guidelines that allow quicker funding as well as negotiable rates of repayment.
It is, however, important to note that hard money loans can have higher interest rates. However, staff in the local hard money lenders office of LBC Capital LLC have what it takes for things to work out for you. Their goal even from their Los Angeles Hard Money Loan Office is to simplify the hard money process and make it less difficult for their clientele.
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