Qualities of a Good Hard Money Lender
If you have a bad credit history and the bank is not approving your loan, you should go to a hard money lender. There are a lot of companies offering this loan. Selecting a suitable company can be difficult for an inexperienced person. If you want to have peace of mind when taking a hard money loan, the lender should have these qualities.
Experience
It is better that you look for a company that has many years of experience. You are going to save yourself from a lot of trouble by choosing a company with experience. A Riverside hard money loans company called California Hard Money Direct has 15 years of experience. Selecting this company will make the process easy.
Direct service
When you start looking for hard money loans, you will find many agents that are charging you fees to get the approval of the loan. You will see a lot of advertisements in Riverside. Most of the advertisements are given by agents. You can contact a reputable company known as California Hard Money Direct. They are offering direct service because no broker is involved.
Fast processing
The company should process your application within days. These loans are famous because you can get approval fast. If the company is taking a long time to review your application, you should consider another company. A good company should provide you a pre-approval within hours of applying.
Low-interest rate
Some companies are giving quick service but they are charging high interest. An increase of 1% interest rate may not look troublesome. This small increase in interest rate can increase your repayment amount drastically. It is better to select a company with a lower interest rate and faster processing time.
No issue of credit score
In the case of a hard money loan, the lender should not consider the credit score. Some companies will ask you about your credit score even in this type of loan. It is better to avoid these companies and select a company that can handle the loan application without bothering about your credit score.
Availability of information
When you submit your loan application, you should know the time it will take to get the approval. It is better to select a company that has the facility of showing your status online. A good company will write all the policies on the website. They will also mention other information like interest rate, credit score requirements, and profile requirements on the website.…
