One of the most common misconceptions of hard money lenders is that borrowers only seek them out when they are facing some type of financial difficulty. Although it is true that one can get a hard money loan in Orange County even if they have filed for bankruptcy or if their property is facing foreclosure, or have had a modification with mortgage lates but those are not the only reasons why hard money loans are sought out. One of the main advantages in securing a hard money loan over a typical bank loan is that hard money loans take much less time to approve. Under certain conditions, hard money loans can be approved within 24 hours, but will normal time frame is between 10 -14 business days closing and funding. This is especially convenient when you need a quick turnaround in order to invest in a property or expand a growing business. A traditional loan can take months to approve and part of the reason for banks’ interminable delay is due to the levels of bureaucracy that must be navigated in order to secure a simple loan. Credit ratings, FICO scores, tax documents, employment documents, and numerous other qualifying obstacles prevent a timely turnaround for a loan that may be needed quickly. Hard money loans, on the other hand, are not based on any of the traditional criteria for obtaining a loan, but, instead, on the equity of a borrower’s property. Focusing on the tangible assets of property equity allows hard money lenders to make determinations of loan feasibility in a more rapid and precise manner.
Essentially, hard money lenders see themselves as partners in the financial transaction, so they will work with you to finalize your loan in ways that traditional financial institutions do not. This is another major difference between hard money lenders and conventional banks; instead of shuffling papers between various departments and a large number of individuals you will never meet face to face, hard money lenders generally work on small teams, providing you with a more personal loan experience than what will be found with a bank.
Many people think of hard money lenders as providing loans as a last resort, but nothing could be further from the truth. Despite the fact that it is possible to retain a hard money loan in Orange County without the typical requirements dictated by conventional financial institutions, and that hard money lenders look past foreclosures, bankruptcies, and low credit ratings – a hard money loan is sometimes the most practical and best way to obtain short-term financial fulfillment.
For further information or inquiries about how PB Financial Group can help you please visit http://www.calhardmoney.com/orange-county-hard-money-lenders.php or contact us at 323.935.5555. Look forward to working with you.
PB Financial NMLS #357614/DRE #01522495