New and Old California Hard Money Lenders
Through the years, California hard money lenders have indeed changed
. Gone are the days when anyone who had a house under contract could secure hard money financing. Times have changed. But if you look closely, you'll notice that the changes aren't actually fundamental. That's because the very idea that keeps this financing niche alive is still the same.
So what has changed since these lenders began financing real estate deals years and years ago? Basically,
hard money lenders in California, or probably anywhere in the country, are more stringent when it comes to checking credit scores. Lenders of today want more insurance that the borrower will be able to repay the loan. Do they require a perfect score? Of course not. If they did, they probably won't be able to borrow their own money!
Nevertheless, you'll need to have a score that isn't too bad. Is it the end of your real estate deal is you had a bad credit score, no thanks to your ex-wife's abuse of your credit card? Not really. There are other ways to convince California hard money lenders to fund your deal. They may be institutions, or representatives of a group of people, but in the end, it is a human who will decide on your loan. Make that an intelligent human who used to invest in real estate and knows a good deal when he sees one.
Hard money lenders in California will rush to finance your deal despite you having a poor credit score is the deal really is good. If they think that they will be safe in your investment, they will fund it. They will provide you a high LTV, or loan to value amount. They can even cover your rehab expenses, if you're an investor who is into real estate rehabbing. That is the foundation of hard money financing, and that is unlikely to change for the years to come.
So with the changes that has shaped the financing industry to what it is today, remember that securing funding from California hard money lenders still uses the same philosophy. Bring them a good deal and they will fund it for you. These are seasoned lenders who have been immersed in the local real estate scene for years. They can tell a profit opportunity from a mile and if you let them see that you are borrowing money to bring them more money, you can bet that they will provide you the funding for it.
Californian investor and looking for funding for your real estate deals? Go to
RehabHardMoney.com right now.
New and Old California Hard Money Lenders
By: Luther Wallace
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