Los Angeles Residential Hard Money Loans
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Residential Hard Money Loans In Los Angeles
If a traditional lender won't provide the financing you need, and you don’t have the equity for your project, then a Los Angeles residential hard money loan could be a good solution.
Residential hard money loan is basically a non-bankable loan that is made on an investment single-family home (or duplex). A residential hard money loan is granted based on the borrower's hard assets, which would be the residential real estate, then (as collateral) this mortgage would be used to fund the transaction. Residential hard money can close quickly; in as few as three or four days for example, depending on the circumstances.
Residential Hard Money Loans Beneficial To Investors
Residential hard money loans in Los Angeles are a good alternative to traditional mortgage financing. They're beneficial for the borrower in many ways such as funding time and credit score is not an issue. Which is why it's important to know when it might be the best option.
Perfect Scenarios For Residential Hard Money Loans
Residential hard money loans can help real estate investors with the difficult aspects of buying and flipping houses.
When deciding which financial solution is best for an investment project, it's important to know how a residential hard money loan can be more appropriate and efficient. Here are some of the scenarios when you should consider residential hard money loan:
- Poor Credit Score
- Fast Funding ( We fund in 5 days or less)
- To Avoid Foreclosure
- Fix'n'Flip Investment Projects
- Non-US Citizens
Why Does Experience Matter For Investors?
When you get a loan from a hard money lender such as residential, commercial or construction, you don't need to show them many documents. All they require is proof that you've completed projects before. That's how they can determine whether or not it's safe for them to lend to you. If you have enough past projects, then lending to you will be easy as long as you repay the loan on time.
All hard money lenders want to avoid foreclosures. If that happens, they’d have to sell the property themselves, and that’s not what they typically do. That’s why hard money lenders are always interested in the financial success of their clients.
We Say "Yes" When Other Banks Say "No". Here Is Why
If you're thinking about investing in property, you are probably wondering how to get a good bank loan. All lenders won't accept your request unless they have the necessary paperwork to review and evaluate your application, including:
- Proof of income (e.g. management position, salary, W2)
- Tax Returns
- Credit History
- Bank Statements
When you apply for a bank loan, they will want to see your credit score is at least a 700 points. If you meet this criteria, you're all set: the wait time for the bank's response is about 60 days.
If you don't have time for the hassle and stress that comes with applying for an investment loan, then you may want to consider a residential hard money loan. These loans offer relaxed credit assessment, fewer income requirements, and affordable rates.
Los Angeles residential hard money loans are short-term, private loans that focus on an individual's equity and investor experience. As opposed to traditional banks, hard money lenders don't care about history or credit score. Contact us for more information at (855) 858-0853 or get a quote now.
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