Duluth, GA hard money lenders
Duluth, GA hard money lenders offer specialized loans backed by real estate. Duluth is an affluent city in Gwinnett County, Georgia. Forbes magazine placed it in number 26 as America’s Best Places to Move. Duluth was also named the Best Affordable Suburb in Georgia by BusinessWeek magazine. In year 2000, the Census Bureau estimated the population of Duluth at 22,122. In 2008, residents of Duluth reached 26,125.
Loans offered by hard money lenders in Duluth are short term and based upon the market value of the real estate to be used as collateral of the loan. The interest rates are much higher compared with bank rates since traditional banking guidelines are not required to meet the loan. Duluth, GA hard money lenders look at the type of real estate to determine the amount of financing for the loan.
Duluth hard money can be obtained even though traditional credit principles are not in place. Hard money lenders often do not require income verification, which increases the possibility of a default in the future. Private money lenders instead offer a lower loan-to-value ratio to protect their interests and investments. The loan may amount only from 50% to 75% depending on the standards set by the lenders. Hard money lenders usually operate locally since every state requires them to have license to operate. There are direct money lenders who personally deal with their applicants. There are also Georgia hard money lenders who represented by brokers who prepare and submit paperwork and in return take a percentage of the loan.