We help real estate investors get hard money/private money loans for their next project. Money and finances should never be the obstacle that stops you from succeeding. We regularly help entrepreneurs, real estate investors, and businesses of all sizes challenge the status quo. We take risks on the go-getters, and do’ers – who have an opportunity and need a partner.
At Delancey Street, we invest in people and their ideas – not abstract concepts like credit scores, or other financial metrics. Tell us about your idea, let’s discuss your opportunity – and how we can help you capitalize on it. For years, our team members have been helping people capitalize on opportunities using hard money loans, private loans, reverse mergers, other financial vehicles.
We fund loans up to 80-90% LTV. We look at the value of your property, and your overall business plan when deciding whether to fund you.
We realize deals can disappear if you don't have fast funding. We promise to treat you like a partner, and work fast to help you get funding.
We're a growth focused private money lender. That means we work fast to fund your deal, and there's no limits on what we can do for you.
Residential refinance in Los Angeles, with a loan amount of $830k, at 75% LTV. We were able to help the investor get a loan at 8.99% with a balloon payment after 18 months.
Delancey Street funded a new residential purchase in California, for $1.2 million with 82% LTV. We helped the developer with a loan at 11% with a balloon payment in 9 months.
On the other hand, we denounce with righteous indignation and dislike men who are so beguiled and demoralized by the charms of pleasure of the moment, so blinded by desire.
Someone who owns a piece of property typically has a ready access of money in the form of a loan waiting for them when they need it. However, not all lenders will lend to all individuals who have a piece of property. They have to have the sense that they will be paid back at the end of the day. Thus, you might have to look into Riverside hard money loans in the event that traditional lenders are not willing to fork over their money. Today, we want to take a look at some of the advantages and disadvantages to borrowing this kind of loan.
Advantages Of The Riverside Hard Money Loan
There is no competition when it comes to the speed at which a person can receive a Riverside hard money loan. The lenders of Riverside hard money on a property are more willing to work with people of all credit scores. They are also happy to give those loans out with less paperwork and red tape. This means that you can literally have the money in your account as quickly as the lender can get it approved. They might want to do a little investigating of your credit worthiness, but it will be far less in-depth than it would be with a traditional lender.
More flexible loan terms are available with the hard money lenders. They understand that people have to work out their personal financial situations to figure out how they will make certain payments. These lenders have great flexibility when it comes to offering just about any kind of terms that they want to. They will speak with their borrowers on a personal level to get an idea about what kind of payment level they can actually afford.
The approval ratings for hard money loans are significantly higher than for other types of loans. As already mentioned, Riverside hard money lenders are not as interested in combing through your credit history before lending you money. They just want to have some reasonable assurance that you will make your loan payments back to them on time. If you can prove that to them in a satisfactory way, then they will approve that loan.
Disadvantages To This Kind Of Loan
As with all good things, there are some drawbacks to Riverside hard money loans as well. Yes, they do a lot of good for people who legitimately need those funds in a pinch, but don’t forget that there can be some negatives to them as well.
The first thing you will want to note about a hard money loan is that it is going to require a significant amount of collateral. The ratio between the loan amount and the collateral that is backing it up will be higher than on a traditional loan. This requirement is in place so that the lender can safely get their money back in the event that you do not pay back on your loan.
The interest rates are not exactly a walk in the park when borrowing Riverside hard money loans. You are considered a significant credit risk if you are borrowing money in this fashion. Thus, you might as well count on the fact that you will be asked to pay more money for your loan than you would if you borrowed from a traditional lender. This is a requirement because the hard money lender has fewer assurances that you will ever pay them back.
You can lose your property if you do not make good on your loan. This point cannot be highlighted enough. You are essentially gambling your property that your financial situation will change in a significant way in the future when you borrow a Riverside hard money loan.
This kind of loan should only be taken out in a true emergency situation. There are a lot of ways in which it could go wrong. You could end up gambling away your home on the hope that your financial situation will improve. If the prospects of that seem unlikely to you it might be prudent to stay away.
As with any financial product it is a good idea to understand what you are getting into before signing on the dotted line. You should not come back to the lender and say that there was something you didn’t understand about this loan. If that is the case, then the answer is that you should not borrow this money at all. It would clearly be too big of a risk for you, and that is the last thing that you need to do in a financial emergency.
Think about getting on a budget and consider improving your credit if you feel the need to borrow money in this way. Still though, in an absolute emergency this is an option that is available for you to use.
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