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Who Are Hard Money Lenders?
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Hard money lenders are professional firms or individuals, who provide capital to individuals and businesses for the procurement of real estate or to provide monetary support for their business development projects respectively. In most of the cases money lenders in New York are approached by individuals for real estate transactions like commercial development or rehabilitation projects as well. Finance is provided on strict terms and conditions and they offer a sizable portion for the transactions. These types of financiers can be found via the World Wide Web, rather than through traditional bank branches.
Lending practices: Hard money lending practices generally involve quick loan and the consumers can get access to huge sums of capital just within 24 hours too in some cases. As the practices are not regulated by Government agencies, financiers are provided with the ability to make up their own rules about whom to, how much to offer and under what terms. Generally, under this arrangement, they offer financing for those, who was rejected by banks just because banks consider that providing finance to the particular individual can turn out to be a bad debt. It is not essential that the applicants should have financial statements and verifiable income. Some applicants have no or little credit history. The level of risk accepted by lenders in New York or even in other areas is considerably higher as compared to traditional banks and soft-money financiers.
Criteria for lending: The qualification criteria with respect to them generally depends on the type of investment. In most of the cases, these financiers do not base an approval decision on credit history, but on an evaluation of the asset this is purchased. As mentioned earlier, those who have not been allotted finance under traditional system and those with poor credit or even no credit qualify for money. Financiers generally approve a loan on the basis of a certain percentage on the value of property. Based on the terms of lender, applicants could expect to get a loan for somewhere between 50-80 percent of the value of the property that they wish to procure.
These lenders generally provide finance through hard money brokers in New York. Even though, the interest rate will be higher, they are ready to provide short-term loans to borrowers.
When the right hard money brokers in New York are selected, they will take the borrowers to the right lenders in such a way that they can meet their immediate financial requirement.
Ihardmoney.com is a company with specialized real estate hard money lenders newyork and offers short terms loans from the value of $100,000 to $5 million in New York. We are specialized private hard money loan brokers in New York and commercial bridge loans to home owners and investors. For more on real estate hard money loans in New York, visit our website.
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