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Headline: Money lenders offering easy hard money by Mark Well
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Headline: Money lenders offering easy hard money |
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Advice,Business
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It was in 1950’s the term or the trend of hard money began in the United States and Canada. In the real estate where developers were finding it tough to finance their projects, hard money came as a last alternative for most of them. This gave birth to a new form of money lending with those who had hard cash were taking advantage of the situation. Phoenix hard money lenders would give in their money at high interest rates to borrowers who wanted to either complete the project or begin a new one. The traditional banks not giving any credit these lenders were the only saving grace. For those who needed money, this source was extensive used. Pitfalls of getting hard money Given the demand there was a surge in the number of Phoenix hard money lenders. Some called them Loan Sharks milking money by exploiting the need of the borrower. With no formal lending structure, documentation and rules, hard money lenders were getting richer. Imagine paying a high interest rate for a short term loan. Since it is easily available people end up falling prey to the temptation and end up taking being fooled by Phoenix hard money lenders tactics. It is clearly situation of those who have it are giving it at high premiums. High risk loan The borrower might be happy with quick availability of money to fund stalled or new project. It can even be to repay the remaining amount of mortgage and freeing the house from banks. Whatever the case be, hard money loan comes with a lot of risk for both the lender and borrower. There are no set procedures followed while disbursing this loan. Only the value of property is seen and its future scope while scrutinising the application. Borrower ability to repay is not a significant factor in consideration. Financial strength for repaying the amount is not seen. In case if the person who has taken loan fails to repay, the property selling price may or may not cover the loan amount. The Phoenix hard money lenders are definitely an option to consider but they should be the last one after trying at all the other places. Discover more with http://www.hardmoneylendersarizona.org
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