Hard money loans California are money loaned to the borrower and does not necessarily have to be for purchasing a home. It is secured to property but it is not necessarily part of the purchase funds. In fact one can be approved to get this type of credit without owning any source of income. It should not be confused with purchase fund loan. In purchase cash loan, that cash makes part of the purchase kitty.
There are various lenders for this credit. One of them is loan sharks. They do not need any security. They make their profits by charging high interest fees. If one has a bad credit report or has no assets attached to their name, then they can then use the loan sharks as an alternative source of advance. In case of default, the loan sharks use threats and intimidation to get back their investments.
There are other types of lenders. One of them is mortgage refinancing. Most of the lenders may require collateral so that they are assured of security of their investments. The most common security is property.
The lenders usually profit by charging exorbitant interest rates. When a borrow fails to pay, the sharks may use threats such as violence to get back their investment plus the interest. It is important to know that not all lenders are loan sharks.
Another type of lender is equity advances. They are available quickly than other credit and are usually a minor existing mortgage. Therefore its not the first debt but the second or subsequent debt. A bridge loan is also a type of debt.
Mortgage refinancing is an example of this credit advance. This is where the borrower refinances the loan without getting any proceeds. One should be careful when considering what type of hard money loans California is best for them.
There are various lenders for this credit. One of them is loan sharks. They do not need any security. They make their profits by charging high interest fees. If one has a bad credit report or has no assets attached to their name, then they can then use the loan sharks as an alternative source of advance. In case of default, the loan sharks use threats and intimidation to get back their investments.
There are other types of lenders. One of them is mortgage refinancing. Most of the lenders may require collateral so that they are assured of security of their investments. The most common security is property.
The lenders usually profit by charging exorbitant interest rates. When a borrow fails to pay, the sharks may use threats such as violence to get back their investment plus the interest. It is important to know that not all lenders are loan sharks.
Another type of lender is equity advances. They are available quickly than other credit and are usually a minor existing mortgage. Therefore its not the first debt but the second or subsequent debt. A bridge loan is also a type of debt.
Mortgage refinancing is an example of this credit advance. This is where the borrower refinances the loan without getting any proceeds. One should be careful when considering what type of hard money loans California is best for them.
0 коммент.:
Post a Comment