The Process of Hard Money Lending
The current Credit Card Act passed in 2021 imposed many new regulations on money lending. These regulations will affect all credit card companies and will force the companies to compete more intensely for your business. Many will be able to survive under these new regulations, however the smaller companies will be forced to cut staff and services until they can find a new provider. Many of these companies offering credit cards will fold completely, as they will not be able to compete with the bigger players who can charge high interest rates and increase their fees and charges.
The main factor which will determine if you are going to be able to get approved for this financing is how good your credit score is. This score is determined by a third party agency called TransUnion, and you will need to provide your financial information to this agency in order to receive your score. If you have a good score, then you will be able to obtain some hard money lending, but only with a moderate amount of hassle. For instance, you will need to supply financial information such as income and employment history. You will also have to provide proof that you have a home or any other property that you are using as collateral. Your credit score is a very important part of this financing, and you should always shop around before applying.
In order to receive any form of hard money lending you will need to complete a secured application, and the process will usually take about four weeks. After you fill out your forms and submit them, you will usually receive a call from the lender to verify your information. Once this is done, you will usually be given the go-ahead for the funding. Remember, if you are applying for a loan to purchase a property, you will still have to provide the lender with a property survey that will outline the specifics of your property and also include an appraisal of your home.