Southern California Hard Money Loan Given the shear volume of lender advertisements, it may be surprising to learn financing can be difficult to obtain. If you have this problem, a Southern California hard money loan may be the answer. Southern California Hard Money Loan What is a hard money loan? Simply put, it is a financing option that fits a niche that traditional lenders refuse to fill. There are literally tens of thousands of lenders providing loans for real estate. Despite their numbers, these lenders are really restricted to providing a defined number of products for a relatively small scope of borrowing situations. If your situation extends beyond this narrow scope, they simply will not lend to you. This is true even if you have great credit and plenty of income. This is where a Southern California hard money loan comes in. A hard money loan is simply financing provided to borrowers for situations where traditional lenders refuse to act. You might be surprised to find out these situations arise frequently. For example, assume you live in one of the urban areas of Southern California, but want to finance the purchase and construction of a vacation home in a somewhat remote area of the mountains to the east. Traditional lenders are going to balk at such loans because they do not like remote locations. They are of the view the property will be difficult to sell if you default on the loan, so the risk in financing it is too large. In such a situation, you must use a hard money loan to fund the purchase and construction of your mountain retreat. Hard money loans can also be used to address a financial situation that you have fallen into. If you are facing foreclosure or have some sudden financial crisis, hard money loans are the answer if you can’t get traditional financing. Hard money lenders tend to look at your situation with an open mind and offer financing where others will not. So, just who are these lenders? When dealing with Southern California hard money loans, you are often dealing with private money. Wealthy individuals will pool their money in a company or partnership for the purpose of writing hard money loans. No, this is not the mafia or some such nefarious group. The investors are usually medical professionals, lawyers, successful business people and so on. Finding private financing for hard money loans in Southern California can be difficult for most borrowers. These lenders do not advertise to the general public for the most part. They use brokers such as ourselves because they want to speak with mortgage professionals that are familiar with their financing requirements and procedures. To this end, we have access to many sources for private financing and can get practically anyone private financing. Contact us today for a free, no-obligation consultation with a hard money financing professional.
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