If you’re seeking a hard money loan in Los Angeles, chances are good that you’re already familiar with the basic components that separate these types of loans from those made by traditional lenders. Hard money loans are less dependent on credit status, bankruptcy, and ability to repay than on the equity in the property you’re attempting to leverage. As such, hard money loans are more flexible and efficient; while closing a loan with a traditional lender can take months, PB Financial works hard to get our clients their loans in just a few weeks.
One of the most common questions we receive is in regard to the fees we charge. Most borrowers know that interest rates are usually higher with hard money (they are high risk and short-term), but many are worried about getting caught by hidden costs at every step of the process. PB Financial Group does not charge any upfront fees to perform due diligence on your hard money loan. However, there are standard fees for origination, underwriting, inspection, processing, and preparation. Additionally, borrowers may need to pay third party fees for escrow services, title insurance, credit reports, and the other usual things associated with loans of this nature. The good news is this: If the property has sufficient equity to qualify for the loan, the majority of fees are generally paid directly from the loaned amount.
Our goal as the leading provider of hard money loans in Los Angeles is to make the process simple and efficient. We want our borrowers to know exactly what they’re getting when they work with us, and we believe that hiding fees and other costs only creates a negative working relationship. We’re happy to discuss any and all possible fees with potential borrowers.
Hard money loans aren’t necessarily the right solution for every situation, but we believe they fill a needed gap where traditional lending institutions have failed. PB Financial Group is here to help. For more information or inquiries please visit www.CALHardMoney.com or contact us at 323.935.5555.
PB Financial NMLS #357614/DRE #01522495