If you’re looking for a loan to purchase either a residential or commercial property, you should consider a hard money loan. You’ll find hard money loansto have several benefits over traditional financing, especially if you’re just getting started in this type of investment. Here are three reasons to consider:
-
It’s Fast
Many times, you need to put in an offer and close on a property quickly. If you’ve found a hot property with many other buyers interested, you’ll want to be ahead of the crowd. All other things being equal, a seller is going to look at an offer which can close before others.
PB Financial Group can close a loan in just seven days instead of the 30 or 45 days a traditional lender requires. We streamline the loan process to get you the money you need right away. -
Nontraditional Applicants Qualify
If you’ve had credit problems in the past, most lenders will tell you to wait before applying for a loan. They base their decisions on credit scores. We use the equity of the property and the ability of the applicant to repay the loan as the main criteria for approving applications.
Even if you’ve declared bankruptcy or been in foreclosure in the past, does not automatically disqualify you as it would with other types of loans. Depending on certain criteria, you may be qualified to get a hard money loan in Los Angeles and successfully finish your project -
It’s Flexible
Most lenders have stringent requirements that must in order to be approved for financing. Hard money loans are more flexible, and PB Financial will find ways to help you get the money you need. For instance, we require a 40 percent down payment for financing some properties. However, we may be able to use other properties that you own to reach the collateral requirement so you don’t have to come up with as much cash.
For further information or to find out if a hard money loan may be the right option for your situation please contact PB Financial Group, leading hard money lenders in Los Angeles, Orange County, San Diego and San Francisco, at 877.700.3703 or visit www.CalHardMoney.com.
