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How to Get a Hard Money Loan With Bad Credit

By August 10, 2016June 29th, 2023Blog, Hard Money Loans
Hard money loan with bad credit

In these times when money is tight and housing is expensive, it is easy to fall into hard times and need financial help. Many of us run into financial trouble and feel like we have no way to dig ourselves out. Often our credit is bad and we feel stuck and believe we have no options. Luckily, there are options.

One option is a hard money loan. One of the best things about a hard money loan is that even if you have bad credit you can get a loan. With a traditional financial institution, getting a loan is nearly impossible unless you have good credit. With a hard money loan, you need collateral. This collateral is usually a piece of real estate that you have a good amount of equity in.

When you are looking for a hard money loan you need to weigh the pros and cons of these loans. They are typically short-term loans with higher interest rates. Make sure that you can really afford the payments for a hard money loan.

You also need to get all the details together for getting the loan. You need to have all your financial paperwork together. This includes W-2s, pay stubs, statements from your bank, and anything else you think you may need. You will also need to know exactly how much collateral you have and how much you need for your loan. The lender may also require a financial plan for your project depending on the reason you are requesting a loan.

If you have a poor financial history, you will have to include this information as well. When you discuss your loan or prospective loan with a financial officer you should let us know if you are dealing with foreclosure or any other difficult financial problems.

After your loan is approved, keep in touch with your lender and make sure you make your payments on time. These hard money loans can help to improve not only your financial problems but also your credit.

If you have bad credit or financial hardships and are looking into getting a hard money loan, contact one of our loan specialists at PB Financial Group. We have financial advisors on hand that can aid you and answer any questions you have. You can also call us at 323.935.5555 or fill out our loan application on our website, We would be pleased to assist you with your financial needs and help you get the best loan possible to fulfill your needs.

PB Financial NMLS #357614/DRE #01522495

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