Friday, 2 May 2014

Unconventional Finance For California Hard Money Loans

If you are one amongst those, seeking for California hard money residential loans, then be advised that time is of great essence. One of the major reasons that people look forward to this sort of unconventional finance option is that the process and other requirements of banks simply take too long to get the things done. Also, often it is just impossible to meet the strict criteria that these lending institutions impose. One most important factor is a fact that hard money loans for bad credit will always do the trick.

California hard money loans for real estate are ones that are used to purchase property or simply renovate the existing asset.The amount available for money loan varies greatly depending upon the lender. Usually, it has to be a calculated percentage of appraised value. Typically, the commercial banks require you to have around 20% of purchase price. On the contrary, private lenders are able to finance the total sum at a fairly low closing cost.

You can use the money loan to build residence, repair, expand or simply for an up-gradation. So, if you don’t want to face the strict rules, and actually want to avoid a waiting time that can go beyond years, choose hard money loans.

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