Basics Behind California Hard Money Loans
California hard money loans are high interest rate loans for poor credit borrowers who don't qualify for standard mortgage loans. These loans are known by many names; bad credit, subprime and poor credit loans. California hard money lenders typically require at least 25% equity for borrowers before they will consider a laon. While typical loan rates range from 4% to 9%, California hard money loans range from 10% to 14%, with several points tacked on.
Who Uses California Hard Money Loans?
California hard money loans are ideal for borrowers with credit problems due to damaged or bad credit along with a lower than normal FICO score. Hard money lenders provides these loans to individuals with past, recent, or current credit issues so they can rebuild their credit and eventually refinance to a more traditional type loan.
California Hard Money Lenders
California bad credit lenders work exclusively with borrowers who have sub par or bad credit in order to find the best loan for their situation. Bad Credit Lender wants to help our borrowers get into a hard money loan for, ideally, 12 or 18 months -- during which time they can repair their bad credit. Once the bad credit and FICO score has been raised, we will help you get into a subprime loan.
Are You Eligible for a California Hard Money Loan?
To find out whether you quailify for a California hard money loan, apply to several lenders to discover whether you meet the lending criteria. Once you submit the California bad credit loan application, expect to hear from the lenders who will go over your application and give you the details about whether you quailify for a California bad credit or home equity loan.