If you are shopping for hard money lenders 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.