Chesapeake, VA Hard Money Lenders
Chesapeake, VA hard money lenders operate out of the city of Chesapeake. Chesapeake is an independent city, which means that the city isn’t technically a part of any county in the state. Chesapeake has a population of 230,000 people, and a population density of 700 people per square mile.
In this state, if you have a really low credit score, you’re not going to be able to get approved for a loan through any of the big banks. But you will be able to work something out with one of the many Chesapeake, VA hard money lenders. These lenders specialize in what are referred to as Chesapeake hard money in the banking and financial industries. These hard money lenders in Chesapeake are able to continue to borrowers with distressed financials, when big banks aren’t, because of the fact that these lenders will consider them, if they have what’s referred to as a hard asset to be put up as collateral to the loan.
A hard asset is real estate, so if the borrower’s paying mortgage on a property, that property can be used to back a hard money loan. What will happen is this: the lender will evaluate the property for a number of values. First, the quick sale value will be ascertained by the lender. The lender will want to know how much he’ll have to sell the property for, in order to get rid of it on the open market in a matter of weeks (he’s not going to want to hold onto the real estate for any prolonged period). This is why real estate is so critical to commercial hard money.
October 11th, 2010 at 8:15 pm
Interested in purchasing an office condo that needs some rehab work. Purchase and renovation should be about 60%ltv.
Partner is expereinced in the operations portion of business and I am experienced in the adminstrative areas.
Need a quick approval and turnaround time to finalize negotions with seller on purchase price.
May 24th, 2011 at 8:07 pm
I have a house under contract in Norfolk VA. Property is ARV of property is $165,000. I am looking for a hard money lender that can close within 5-7days and is ready to get a 30-35% discount on this property. If I can get $90,000 for the property which includes the costs of repairs it will be a deal