Home  Mortgages Top 10 Reasons to Use San Diego Private Money
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Top 10 Reasons to Use San Diego Private Money |
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Written by MorganA.Scott
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Friday, 15 May 2009 |
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There are of course a number of reasons why you may want to use San Diego Hard Money. For example, you may not be eligible for a conventional bank loan, or in fact, the bank may not want to lend you money for some particular reason such as you having a poor credit history, or perhaps there are some issues involving collateral.
by MorganA.Scott
There are of course a number of reasons why you may want to use San Diego Hard Money. For example, you may not be eligible for a conventional bank loan, or in fact, the bank may not want to lend you money for some particular reason such as you having a poor credit history, or perhaps there are some issues involving collateral.
Or maybe you are unable to provide adequate documentation according to the banks standards. Maybe you have the need for a bridge loan, have specific investment projects, or need money quickly. These all may be reasons you would obtain private financing.
10. Your property is unacceptable to the bank in terms of collateral
It could be that the property is unique in nature and a bank doesn't feel comfortable with the property as an adequate source for collateral. Examples of this could be: elder care facilities, property rated by an appraiser to be below average, fixer uppers, unique commercial property, or resorts.
9. Many people can still make use of San Diego Hard Money irrespective of whether or not they have a poor credit rating.
Often times, you can you use San Diego Hard Money even though you have a troubled credit history.
For the most part, San Diego hard money lenders and investors are more concerned with collateral than they are with credit ratings. While this may not always be the case, it certainly does appear to be that way.
8. Banks have stringent documentation requirements
As so many have discovered in the past, being self employed can make it incredibly difficult to get finance from a bank as you simply may not be able to fulfill the banks requirements with regards to the documentation they require.
On the other hand, many Hard Money lenders in San Diego will more often than not be willing to accept bank statements and income tax returns as evidence of a person's ability to repay a loan.
7. You need a rehab loan
Are you working on a project where you need money to acquire and fix up a property? There may be money available for this very purpose.
Typically San Diego private money investors and lenders will take on this situation with some money contributed by the borrower. This helps establish a level of involvement by the borrower and satisfies risk concerns of the investor.
6. Building on vacant land
Hard money is often used for construction. If the owner can show an equity position in the land owned and has a complete plan for construction including entitlements, permits, construction cost break down, pro-forma and draw schedule, then they have a strong chance of getting privately financed.
5. People who require to cash out their equity on existing property for the purpose of being able to submit a cash offer on new property acquisitions.
In the majority of cases, San Diego hard money financing is useful to secure cash out on both residential properties and commercial properties. In most cases closing time is between seven to fourteen days from the time a full package is received.
4. You have financed multiple properties but you wish to acquire additional properties with financing.
In many cases, banks often have limits in places as to the number of loans an investor can have at any given time, and in this case, an investor's best choice is to apply for private money financing.
Providing an investor is capable of providing proof that they'll be able to meet loan repayments, hard money financing will, more often than not, be available to them.
3. You lack sufficient funds to meet escrow time requirements for acquiring additional property.
San Diego hard money is of course also an ideal solution in situations where time is extremely limited. In fact, private financing is often the best option in such cases.
2. You need a bridge loan.
Of course, the reasons for requiring a bridge loan vary from one person to the next. For example, you may require some financial muscle in order to secure a lucrative real estate offer, or you may be encountering some financial difficulties with an existing business.
1. Time is of the essence
When time is in short supply and financing is required in a hurry, San Diego hard money can usually ensure funds are available to you within seven to fourteen days. Of course, as many will agree, this is often the chief advantage.
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