It does not have to be difficult to botain hard money loans in Orange County when you are with the best hard money lender like All California Lending on your side. You may have poor or no credit, do not have a consistent or traditional income, or the real estate you are trying to borrow against does not fulfill specific criteria. It is not always possible to obtain a purchase or refinance loan from traditional lenders, like a bank. In such instances, All California Lending can be your best friend as they are in a position to help obtain non traditional financing.
When you apply for hard money loans in Orange County with All California Lending for business or investment purposes the main criteria that will be used in qualification is the equity in the property. Fast funding is possible, with some loans funding as quickly as 5-7 business days.
One of the spokespersons of All California Lending said, “When approving your hard money loan request our lending sources look at the loan to value ratio. Many of our borrowers have poor credit history, non traditional income sources or need fast funding on a distressed type of property. We can help with all of these situations and more!”
As they depend less on your credit or traditional income documentation, they rely on the collateral you offer while making the request. For example, if you have a single-family rental home or a multi-family apartment building, the maximum loan amount would be based on market value. This is also true of other property types, including industrial property, land, commercial buildings and more. The biggest upside to this loan to value driven approach is that it allows investors to finance properties that they intend to reposition. Many banks will require minimum debt service ratios. Using hard money loans as a stepping stone while increasing income is a savvy way for investors to get the financing they need today, as well as position themselves for the future long term loan they want.
All California Lending depends on real estate collateral and LTV ratio to approve your loan request. They do not consider credit or cash flow as an essential criterion. However, they will require your credit report and will want to know about any defaults on loans, bankruptcies, outstanding judgments, and other derogatory items that may show. Although property income is not the main criteria, they do want to ensure that you can make your loan payments, have a clear exit strategy and that their loan is a good solution for your situation.
About All California Lending
All California Lending specializes in obtaining hard money and commercial loans for their clients. Due to their niche specialization, they have been able to help many clients with their search for hard money loans in Orange County. Having a brief conversation with them will help you understand whether they are in a position to help you or not. Their motto is to make the process of obtaining hard money loans easy and quick. If you are looking to have competent results in a timely manner, call them at 877-462-3422 today.