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What to Look for in a Hard Money Lender

December 19, 2018 By ajwpaccess

What to Look for in a Hard Money Lender

If you are shopping for a hard money lender in Los Angeles, it pays to put some extra time and care into choosing a company you can trust with your lending needs.

Hard money loans can be beneficial in a number of respects, but they do tend to carry higher interest rates and down payment requirements. Working with a trusted lender can help keep Los Angeles hard money loans affordable.

1. Stay away from hard money brokers who are not licensed.

Your first step in selecting a hard money lender should be to research the company’s background and check to make sure that they are licensed to provide these types of loans in your state.

Los Angeles hard money lenders which are licensed are operating according to the law and are following the practices necessary to maintain their credentials. That means that you can count on them to offer a high standard of service.

2. Choose a lender who has experience in hard money loans.

The process of hard money lending is a bit different from the process of prime lending. That means that a company that does not have experience with hard money lending may not know what they are doing. This could result in delays and the other inconveniences.

If you choose a lender which is used to the hard money lending process however, you can have a great experience. In fact, this is a great way to get funding faster than you might be able to through the traditional lending process.

3. Pick a lender who operates with transparency.

Because of the higher expenses which may be associated with hard money loans, it is extra important to make sure that you are doing business with a company which is transparent about all the costs associated with loans.

Additionally, if you have questions or concerns about hard money loans, the lender should be patient enough to answer these questions thoroughly before you apply for a loan.

A lender should never pressure you to choose a hard money loan if you might qualify for a different lending solution which may be more appropriate for your needs.

4. Make sure that the lender you choose is responsive.

While on the topic of customer service, a good lender should endeavor to respond quickly when you have questions, and should rapidly process documentation which you provide. You should never be left wondering when you can expect a response.

5. The lender should treat you as an individual, and tailor your loan accordingly.

Finally, customers choose hard money loans for a variety of reasons. A low credit score may be only one of those reasons. Often times, credit has nothing to do with it. You may simply be seeking a faster lending process or more flexibility in loan terms.

If that is the case, the lender that you pick to do business with should handle your case individually and be willing to make adjustments to accommodate your needs.

This is where experience comes into play. Lenders which have processed a wide variety of hard money loans can draw from those experiences to craft a loan that will help you navigate around obstacles and achieve your goals.

How do you know if a lender is treating you as an individual? One great sign is if they ask you a lot of questions and listen carefully to your responses before making recommendations.

Pacshores Mortgage Inc. Is Your Los Angeles Hard Money Lender

At Pacshores Mortgage Inc., we have helped many customers throughout the Los Angeles metropolitan area to successfully obtain financing through hard money loans.

Whether you have a low credit score or you are simply looking for fast, streamlined lending without prepayment penalties, we can help you apply for a hard money loan with competitive rates and terms which can be adapted to your requirements. Please call us today at (310) 478-5005 to schedule your consultation.

Filed Under: hard money, Loan Process, Loan Programs

Do you have questions?

Call us today (310) 478-5005 or fill in form below and we will get back to you as soon as possible.

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Client Testimonials

Thanks PacShores for coming through for me in the nick of time. After our Parents passed away and left the small apartment units that I was living in to me and my two siblings, they needed to get out their portion of the inheritance and were determined to force me to sell the units. I needed to keep the property for my family and avoid selling in such a down Market. My Income was low and the Banks refused to accepts the Rental Income from the other Tenants and to approve my loan. It wasn’t a problem when I contacted PacShores, they funded my loan in no time, paid off my siblings, hassle free, and I am very glad I found them.

Tony – Orange, California

 

I took over some Apartments that my Dad owned and had been renting out over the years. Some of the tenants had been there for 10 years and more, the Properties have gotten in disrepair, and the County had also filed substandard violation Liens on the Properties. All the Lenders that I had applied to for a Cash-Out Loan, turn down my application due to the condition of the Properties. With the help of the Loan Officers at PacShores, we were able to customize a loan for me that set aside funds to complete the needed repairs, and clear up all the Substandard Notices and Liens on the Properties, and the extra cash that I needed.

Tracy – Los Angeles, California

 

Hi, I am Real Estate Broker, and Short Sale specialist, and I had very well qualified Buyer with almost 50% cash down payment, under contract on a highly discounted Investment Property purchase. After 3 weeks of getting the runaround with their Bank including my regular Lenders that I normally use, I was convinced they would lose out on this great deal. Luckily an associate referred me to PacShores Mortgage, and within 24 hours they drove buy the property, and had Closing Documents in Escrow by the third day and funded the loan right after. They saved this deal for us. I couldn’t thank them enough and would use and recommend them to all my associates in the future.

Javier – West Covina

 

Hello, our Credit Scores had become so low after we went through a Loan Modification process and Short Sale on our previous house. Thereafter, we couldn’t find a Bank willing to consider us for a new Home Loan, even though we had substantial funds for a Down Payment. The folks at PacShores Mortgage were very understanding and glad to review and approve our loan application. Thanks to them, we are proud owners of a new, more affordable four Bedroom house again.

Susan – Fresno, California

 

My wife and I own a successful and profitable Business, and also own a number of Rental Units. Due to the Freeze in Bank Lending we decided to refinance one of the Rental Units we own outright, to access the credit we need to efficiently run our Business. Unfortunately due to the write-offs we show on our Tax Forms, the Banks we contacted were misreading our Income and cash flow and declined to approve our loan application. Our experience was different at PacShores, the easily identified our true Income and approved our loan promptly, and we didn’t even need to provide them any Tax Returns.

Cindy – San Diego, California

 

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