La Grande, OR Hard Money Lenders
La Grande, OR hard money lenders have offices throughout the state of Oregon. La Grande has a population of 13,000 people, and a population density of roughly 2,900 people per square mile. La Grande is a part of the county of Union (for which it is the seat) and was founded in 1865.
La Grande, OR hard money lenders are in the business of lending to borrowers with extremely low credit scores. We’re talking about borrowers that are being foreclosed on. We’re talking about borrowers with heavy loads of credit card debt, and second and third mortgages. These folks are probably finding it impossible to get a loan. But it isn’t. There are ways to get these folks financed. One way is through what’s called a La Grande hard money deal.
Through any of the hard money lenders in La Grande, a borrower can apply for a loan and get approved, if and only if that borrower owns real estate. And that’s the real hitch here; the borrower’s got to own real estate. If he doesn’t, he won’t be able to get approved or even qualify to apply for a loan with any of these hard lenders. Based on the real estate that the borrower’s willing to put up as a security to the debt arrangement, a few things will be derived. For one, the size of the loan is directly proportionate to the quick sale value of the property. These commercial construction loans typically run a 60% loan to value ratio.