When financing real estate purchases, the process can be frustrating. For those who have perfect credit and plenty of time to spare, they can walk into a bank, present their proposal, and sign on the dotted line within a short period of time. However, in the real world, that is most often not the case with most real estate deals. Whether a person has had credit problems in the past, or perhaps has an idea that a bank may deem to be too risky to back with a loan, gaining financing can be tough. However, one option many people may not be aware of is a hard money loan, such as that offered by California Hard Money Direct.
For many people needing residential or commercial real estate financing, one of the most frustrating aspects is waiting for loan approval. In most cases, this can take several weeks at best, often leaving the borrower wondering what is going on. However, by using hard money lenders Los Angeles residents can usually not only gain the financing they need, but be pre-approved in a matter of minutes, not days or weeks as with traditional banks.
Along with a quick pre-approval process, there are many other advantages of hard money loans. For example, closing times are much faster with these loans, and loans are asset-based, rather than credit-based. In addition, no income verification is required, and funding can be provided for an unlimited number of properties, including corporations and LLC ventures.
As many people may be unfamiliar with hard money loans, they may believe the terms of the loans would be unreasonable. However, this assumption would be incorrect. In fact, hard money loans offer terms of up to 30 years, just like traditional lenders. In addition to these terms, SFR rates can be as low as 7.99 percent, while APR can average 9.5 percent. And perhaps best of all, since California Hard Money Direct is a direct lender, there is no middleman to complicate the loan process along the way.
Whether it’s a loan of $100,000 or perhaps $10,000,000 or more, California Hard Money Direct is prepared to help. From commercial to residential real estate deals, when it comes to hard money lenders Los Angeles residents know they can count on California Hard Money Direct to help make their dreams come true. After all, if a loan makes sense, they will make the loan.