The truth is that there are numerous reasons why someone decides to work with a hard money lender in Los Angeles instead of your typical bank. One of the most commonly-cited reasons by hard money applicants is that hard money lenders are able to provide quick approvals and access to necessary capital to get important real estate projects done as efficiently as possible.Here are more reasons why people utilize the convenience of hard money loans instead of traditional loans.
Self-employed Applicant Does Not have the Necessary Financial Records to Qualify for Traditional Bank Loan
Traditional banks often adhere to strict income history requirements and usually require the applicants to provide copies of at least two years of employment documents and wage statements. In contrast, many hard money lenders are able to utilize other documents to assess the viability of an applicant and qualify a borrower for an owner-occupied hard money loan. Other documents that can be used for a hard money loan approval includes tax returns, pay stubs and W2 statements.
Hassle-free Application Process
If you apply for a loan through a traditional bank, the process could very well take 45 days (or longer) to complete. If that was not bad enough, an applicant is typically required to fill out a plethora of documents. In stark contrast, you can get a response to hard money loan from PB Financialin a matter of days and loan approvals may even be provided the same day, depending on your specific circumstances.
Too Many Active Investment Properties in their Portfolio
Many people are surprised to learn that traditional banks often place arbitrary limits on the number of loans a particular individual can have. For example, it is quite common for a bank to place a limit of onlyfour loans per borrower. Most hard money lenders in Los Angeles do not adhere to such arbitrary and flat-out random restrictions.
Need a Hard Money Loan in Los Angeles? Contact the Highly Reputable PB Financial Group Today
PB Financial Group is a premier direct hard money, private money and bridge lender, who has been providing quick funding since 2006 and have funded over 2300 hard money/private money loans. Our objective is to work to satisfy your financing needs on important real estate projects throughout California in an efficient and effective manner.To schedule a consultation or for further information please contact PB Financial Group at 877.700.3703 or visit www.CalHardMoney.com to learn more.
PB Financial NMLS #357614/DRE #01522495