Finding a good lending facility can be a headache sometimes. While most banks and lending institutions are ready to finance owner-occupied loans, the upside is that there are money lending companies that can sort you out. All you have to do is find a good one that caters to the needs of most people in your situation.
Owner occupied hard money loans are usually used to refinance or purchase property. Most people do not qualify for these loans from conventional lending institutions. And even where there are hard money lenders willing to lend such loans, they take you through lengthy processes before they disburse you the funds.
Owner occupied hard money loans are also classified into two – business purpose and consumer purpose. The difference can be seen from the actual purpose to which the funds are put by the borrow. The former usually denote funds used for purchasing something, for example new equipment. The latter, on the other hand, are used to buy property, for example, or to pay off a personal debt.
Depending on what you want to use the loan for, you must find a lending company whose portfolio and reputation are vouched for by other lenders. It is important to check their online reviews and determining for yourself whether the company has genuine dealings.
Choosing a lender
One of the best lending companies when it comes to owner occupied hard money loans in California Hard Money Direct. They not only lend to individuals but also companies and other institutions. Whether you need the loan to finance property acquisition or you need it for consolidating debt, you are better off with this reputed company than the one you know nothing about.
When choosing a lender, consider their interest rates. They should not be too high to prevent you from comfortably repaying your loan. They should also be transparent when it comes to the fees they charge as well as any other costs you may incur while repaying. Coming up with a repayment plan that works for you will reduce stress and help you save more on repayment.
When choosing a hard money lender for owner-occupied loans, it is also important to ask questions about the consequences of defaulting. This is crucial in order to prevent any loss of your property or damage to your credit score in case of default. Working with a lender who is accessible to answer all your queries is important before signing anything.