Why You Need Hard Money California
A significant number of real estate investors who are raking in huge pay checks are using hard money California for their deals
. Known for its high interest rates, it might be baffling why these investors are using this mode of financing. Are you curious as well? Here are some reasons why you should use
California hard money loans today.
Opportunities are here. Because the country has just gone out of the recession, it now holds scores of properties that are being sold at discount prices. These properties include foreclosures, or houses that were repossessed by banks from owners who failed to continue mortgage payments during the harsh times. Some houses, meanwhile, are not in the foreclosure process but their owners are letting them go as a matter of financial strategy. These homes are ideal investment properties because they are cheap. Buying these homes is easier with
hard money California.
Opportunities are now. You can never tell when the opportunity to make money from these cheap houses will cease. Thats why investors are racing or financing so they can close as many quality deals as possible. If you relied on traditional lenders like banks though, you will need to wait for at least 30 days of loan processing. But with California hard money loans, you will only wait for around two weeks. These lenders can even loans in just days, especially if good rapport is already established between the creditor and the borrower.
Opportunities require huge amounts. Real estate ventures like rehabbing need a lot of capital. Thats because apart from having to buy the property, they also have to make improvements on it. Thats equal to additional expenses and thats something they will not get from conventional loans. If they sought financing from traditional lenders for a $40,000 dilapidated property, thats the amount they will get. However, they are likely to get a bigger amount. Hard money California lenders consider the value of the house in good condition, not in the dilapidated state. Therefore if the $40,000 property is actual worth $100,000 in good condition, lenders will give out around 70% of that amount to the borrower.
Hard money financing is very useful in closing California real estate deals. If you want to learn how this funding can help your business today, go to
RehabHardMoney.com now. The website has a network of lenders and borrowers from California and the rest of the country.
by: Vince McCollins
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