Once you have begun the process of obtaining a loan with a legitimate hard money lender in Los Angeles, the next step is to get the loan closed. Unlike traditional banking institutions, private lenders often personally handle many of the tasks involved in moving your loan application forward. This makes a hard money loan a great alternative because your loan can move ahead and funds be made available to you quickly.
The private lender will begin by creating your loan package. You will provide input regarding your credit, income, and property information. The property information will be used to perform a title search to see if there are any judgments or liens against the property. This is the first step in obtaining the full title report, title insurance, and beginning the escrow process. If any unexpected issues arise from the title search, then your lender will discuss them with you.
Because each loan is different, the documents that are required to move it forward will be specific to each borrower’s personal situation. The experienced lenders at PB Financial Group know which papers you will need to get your deal approved. One of the advantages to a private loan is that everything is negotiable and the documents can be customized, unlike in a traditional loan. Additionally, even if your credit is poor, you may still be able to qualify for a hard money loan because the focus is on the collateral and not your credit rating.
As your loan moves closer to closing, the lender will be working hard to order the necessary reports, review the loan criteria requirements, and gather all the documentation needed to successfully close on your loan. Depending on the type of loan, you will also need to fill out federal and state disclosures. Our qualified lenders will obtain and review the required forms with you.
Often, hard money loans are closed in as little as 7-14 business days. The ability to close so quickly, the flexibility available in drafting the paperwork, and the fact that you will have an experienced lender working to get your funds approved and closed – make getting a hard money loan a smart decision. PB Financial Group is a leading hard money lender in Los Angeles; and you will find that, by working with us, the closing process will be fast, efficient, and painless. For further information about hard money loans or how we can help you, please contact PB Financial Group at 323.935.5555 or visit www.CalHardMoney.com.
PB Financial NMLS #357614/DRE #01522495
