There are numerous stop signs when it comes to securing a loan from either a bank, a mortgage loan office or any other traditional lender.
Two, the requirements include a good credit and a good debt to income ratio. Moreover, if all the requirements are attained, the time required for processing is usually very long. As such, the concept of hard money loans is revolutionary. Unlike these traditional loans, hard money loans are processed in a very short duration of time and the only requirements is a collateral.
As a matter of fact, hard money loans are obtained directly from an investor.
LBC capital is among the top Los Angeles hard money lenders and as such, offers hard money loans for commercial, industrial and land investments, just to mention a few.
The organization is equipped with a team of experienced personnel. In essence, loans are offered regardless of the track record, whether a novice borrower, seasoned developer or even an investor.
Nevertheless, LBC capital offers the following types of California hard money loans: fix and flip commercial hard money, land, and construction. To begin with, the fix and flip hard money loan is offered to individuals who need fast financing in order to develop and resell property As such, the fix and flip hard money loan can be offered regardless of the experience in the real estate sector.
However, there are three types of fix and flip hard money loans: the home equity line of credit, permanent bank loans and online mortgages and cash out refinance.
On the other hand, the commercial hard money lands are granted to individuals who want to purchase, repair or even build commercial properties.
The only requirement, in this case, is a secured collateral, unlike other traditional lenders. The loan can be used to any type of commercial property, from apartments to condominiums, retail shops, and even warehouses. Nevertheless, the processing time is very small and can be as less as 15 days.
Land loans are not usually offered by traditional lenders. However, with the Los Angeles hard money lenders and the necessary collateral in place, the loan can be secured in less than 15 days.
In other cases, individuals can go for the pre-approved hard money loan. These types of loans are usually granted on the same day as the application
Finally, construction hard money loans are offered to those who wish to develop a property or renovate an existing one.
However, it is different from the fix and flips hard money loan since the loan amounts are comparatively higher. This type of loan is usually offered regardless of the credit score but those with credit scores above 620 are at a better position to negotiate the rates.
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