Manassas, VA Hard Money Lenders
Manassas, VA hard money lenders operate out of what essentially is an independent city. This means that the city of Manassas isn’t technically a part of any of the counties in the state of Virginia. That said, Manassas is surrounded by the county of Prince William, and is just adjacent to the Commonwealth of Virginia. The city has a population of 36,000 people, and a population density of 3,600 people per square mile (given an area of 10 square miles).
Manassas, VA hard money lenders lend to borrowers with distressed financials. This is their niche, and they service the borrowing needs of this niche through what are referred to as Manassas hard money arrangements. These arrangements require that the borrower secure the debt and loan with real estate, so called hard assets. It’s through this real estate that’s put up as collateral that the lender’s going to be able to approve a loan, and will also be able to tell what size of a loan the lender’s going to be able to service to the borrower.
Without real estate, none of the hard money lenders in Manassas are going to be able to work with a borrower. It’s a prerequisite to hard money. So if you have poor credit, but you own land or other property, then you’ll qualify for a hard money loan; the only issue at that point is what size of a loan you’ll be able to get through these lenders. Lenders that issue these commercial property loans will vary on the percentage of the value of the property that they’re willing to lend out.