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When times are hard, sometimes the only answer is to get your hands on hard money. Fortunately, if you’re looking for the best hard money lenders California has to offer, you’ve come to the right place. If you’re new to the world of hard money lending, let’s take a brief moment to go over the specifics of what, exactly, hard money is.

Hard money is a term that originates largely from the real estate industry (though hard money loans can be backed by other property types) and is used to describe an unconventional loan offered by private investors or other funding companies. Hard money loans are asset backed, meaning that if you don’t pay, the property or other investment you put up as security will be taken over by the lender.

While this is the case in traditional lending opportunities as well, these hard money loans are generally unconventional because the stipulations are more in favor of the investor than the borrower. Furthermore, hard money loans are often a “last resort” option for those who need money fast but don’t have the credit history to get the help needed from more conventional options.

The hard money lenders California can boast will still have requirements and will go through the process of due diligence. However, the ultimate criteria they will use will be much “easier” than the scrutiny your credit and payment history will face with a bank-baked loan. These investors are rewarded for going out on a limb by more attractive interest rates and shorter terms.

If you are a potential candidate for one of the hard money lenders California is known for, it is important that you take the necessary steps to protect your investment. Whenever possible, get the BEST insurance possible on the properties you’ll be using for collateral. This way, even if unforeseen circumstances or “acts of God” should arise, you’ll be covered.

If you are seeking a hard money loan for a new automobile, get the best car insurance you can afford. If you’re seeking hard money for a piece of real estate, insure it to the limit. This way, you’ll be covered and your hard money lender will be, too!