Basic Facts Regarding Hard Money Loans in San Diego

The main benefit of a bridge loan is the fact that lenders are always interested in the value of the property, not your personal worth. That is to say, the property is the one that secures the loan, not your present credit score. It's all about the value that the home has. The duration of bridge loans is one-to-six months; however, you can extend the loan for up to two-plus years. 

These lenders aren't typical banks. The flexibility offered by this kind of loan is the reason you can get approval (or not) within two days. There are a variety of reasons one might consider taking advantage of these loans. You can also contact San Diegos hard money lender for bridge loans named Wilshire Quinn Capital.

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Most likely, the reason you'll choose to answer be due to the fact that you need the money today and not in the next three months in the future when your window for opportunity probably closed, or you might say that your credit score has issues, or you've filed for bankruptcy in the past or have low occupancy levels and so on.

The things that you need to know about your loan's hard-money lender will want to know are: the kind of collateral, the location and the approximate worth of your property. Also, what amount is to be paid and, most importantly, the strategy for exiting the loan or the method by which you pay back the lender.

Most bridge loan companies are looking for your business and will collaborate with you to secure 60% to 75% funding. The low loan-to-value is designed to protect the lender in the event of a loan default.

 

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