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    Hard Money Lender Lending On Hard Money Properties in Los Angeles
    by Donald Glen Timms


    Hard Money Loans in Los Angeles Serve a Vital Part in Real Estate Finance

    What is a HARD MONEY LOAN?

    Hard money loans are loans based upon the value of the collateral, or in our case, the property. Hard money loans are real estate loans made by either an institution or private investors, versus the more traditional method of using a bank or mortgage company. A hard money loan always has rates higher than traditional financing, as well as lower loan to value ratios.

    Please keep this in mind, many have the pre-conceived notion that hard money loans are loan sharks...this can certainly be true in some cases, but in many cases, funding a hard money loan fills a vital need in the real estate market. For instance, many of our loans are loans that are turned down by a traditional bank, for reasons such as credit problems with the borrowers, a partially completed construction project, a income property that has been bought but with no or few tenants. There are many reasons why a hard money loan can be a smart decision for a borrower.

    A private money specialist can fund the following types of loans: private money residential loans, private money commercial loans, raw land loans, as well as loans to complete a construction project.

    Be careful of private money lenders who only broker loans out to other investors or mortgage companies. They do not maintain the level of control or decision-making that you would get with a direct private money lender. You would be best served to find a private money specialist who has local investors who will drive to your property before they fund. That way, decisions are made quickly and effortlessly.

    Three required issues to secure a hard money loans:

    1. Equity-equity in your property. The maximum loan to value for a hard money loan is 75%., after all fees and closing costs of the loan.

    2. Property that is acceptable to our investors. All investors assume they will take the property back, so, they want to make sure the property is able to be sold in the future.

    3. The capacity to repay the loan to the investor (this is required by law)


    Times when you qualify for a hard money loan: CREDIT-bad credit, very little credit, or NO credit - equity in your property and the ability to repay the loan are more important to our investors than your personal credit.

    DEBT-many banks turn-down good loans because of the borrowers debt to income ratio. Even if you have too much debt to qualify for a bank loan, a private money lender may be able to get your hard money loan funded.

    INCOME-Many of our borrowers are good people, with unusual income sources. Our investors are willing to make you a hard money loan as long as you have the capacity to re-pay the loan. Keep this in mind, in the old days, hard money loans were made to anyone with equity on their property. Now, investors want to make sure you are able to re-pay the loan.

    UNUSUAL PROPERTIES-Many times banks will turn down a loan because they were not comfortable with the properties location or type. Our investors often fund hard money loans where banks won't. The main issue is can the investor sell the property if they need to take the property back.

    REMEMBER, THE MOST IMPORTANT ISSUE IN A HARD MONEY LOAN IS THE EQUITY IN YOUR PROPERTY AND THE ABILITY TO RE-PAY THE LOAN!

    Donald Timms specializes in commercial and residential private money loans. Donald can be reached at (800)560-9488 or (805)754-1859. His email is into@privatemoneybankers.com and his website in located at http://www.privatemoneybankers.com

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