Posts Categorized: Credit Tips

What’s the right borrowing option for you? There seems to be an endless assortment of money borrowing options out there. From loans to mortgages to lines of credit, navigating this financial world can be confusing and intimidating. But it doesn’t have to be. With a little research, you too can understand the ins and outs of money loans. Before you opt for a hard money loan, you should learn a few things about them. Being well prepared and thoroughly researched on a subject can help you avoid pitfalls and sticky situations. Wondering about the basics of a hard money loan? Read on! 1. It’s a…
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Applying for a loan can put you in a vulnerable position, and it’s easy to feel like you are powerless. After all, you are the one asking for financial assistance, and if you’ve been treated badly by banks in the past, your confidence may have taken a hit. The truth is, when you’re seeking a loan, you have more power than you think. Due to the rise of alternative lenders, even those who may have been turned down for a bank loan are still in a strong position to seek financial help. But the old adage holds true: information is power. To help you get…
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With so many banks and private lenders advertising loan solutions, it can be tough to figure out which one is right for you. But when you need a loan quickly, or when you can’t or don’t want to use traditional routes to obtain your loan, your choices are drastically reduced. That’s where California hard money loans come in. If you’re wondering what a hard money loan is, and whether it’s the right choice for you, keep reading to learn more. What Is a Hard Money Loan? A California hard money loan is one that comes from a private investor or lender. Rather than requiring perfect…
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Taking the leap to expand in business is scary, especially if you have to take out a commercial loan. No one likes being in debt. Thoughts about what could happen to your company and employees are enough to keep any business owner awake at night. But when you take out a loan for the right reasons, it can also be the pathway to growth. That’s why we’re sharing with you 7 reasons why your business needs a commercial loan. But first, let’s get to know the basics. What You Should Consider Before You Take Out a Commercial Real Estate Loan Getting all the facts before…
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Your credit score shouldn’t be the only thing standing between you and a home. While a bad credit score might make getting a loan impossible, it doesn’t mean you have to say goodbye to your dreams of homeownership. Nearly one-third of Americans have a bad credit score, meaning one in three people can’t get a bank loan to help them buy a house. But without a bank loan, it is virtually impossible to save the cash to buy a home up front. That’s why so many potential homeowners choose to work with a private money lender. With private lending, they can finally get the home…
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When it comes to real estate investments, commercial hard money loans are usually one of the go-to options for investors. They are ideal solutions to those situations when you need loans quickly. Depending on your lender, there are several requirements that you’ll need to fulfill. Most importantly, you need real estate assets to use as collateral. Lenders may also require income documentation, credit score, and debt coverage figures. Whatever the case, here are reasons why commercial hard money loans make ideal options for real estate investors. 1. They Have Fast Approvals Unlike traditional loan options, a hard money loan usually has few requirements thus a…
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In an ideal world, we would be able to make all our purchases in cash with zero debt. In our current economy, however, that’s simply not possible. When it comes to big purchases like a house, or a car, or to large, unexpected expenses, sometimes the only option for Californians is to take out a loan. For some borrowers, however, conventional financing options aren’t an option. For instance, some studies show that as many as 21 percent of borrowers are denied when seeking a home mortgage. Factors like poor credit, insufficient income history, or additional debt can all factor into loan denials for prospective borrowers….
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Hard money loans are a home loan option for borrowers who have credit issues, little to no income documentation or a property with problems and cannot qualify for a conventional loan. They are issued by private financial specialists or organizations rather than by a bank, which permits more adaptability in setting terms and assessing risk. 1. Simpler Loan Applications Since complex bank guidelines are not included, the hard money application process is simpler and can frequently be approved in a shorter amount of time. Credit scores can typically be lower with hard money loans. Less income documentation is required as well. In addition, unlike banks…
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Hard money loans are different than bank loans. The way risk is assessed, the documents required and the loan terms are often different and more flexible in comparison to bank loans. This allows the hard money lender, such as ourselves, to be more creative in creating the financing solution you need. 1. Interest Rates Are Higher Interest rates for hard money loans are going to be higher than bank loans. When you borrow money, you will pay back the original amount loaned, called the principal, plus the interest. The interest is what it cost you to borrow the money. Most hard money loans have interest…
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A private money lender, as the name suggests, is a person (non-institutional) who avails money mainly on a short-term basis to an individual without the major formalities required by institutions such as banks when lending money. When you want a loan on a short term basis without much documentation then this is the best option. Private money lending is famous for the convenience it avails to persons who require financial funding but may fail to meet the threshold of banking institutions. Bearing in mind the minimal formalities, it brings about risk in dealing with such transactions as you also don’t want a fraudulent money lender…
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