McLean, VA Hard Money Lenders
McLean, VA hard money lenders operate out of the city of McLean. McLean is an area that is actually unincorporated, but is considered a part of the county of Fairfax, a county in the state of Virginia. The city of McLean has a population of roughly 41,000 people, which translates over to a population density of roughly 2,200 people per square mile (considering the city’s area of 19 square miles). McLean is situated along the George Washington Parkway, and is home to various high level government officials.
McLean, VA hard money lenders lend to borrowers that have very low credit scores. There’s a growing number of borrowers with low credit scores in this state, because of the economy, and a number of other compounding effects and variables about the situation that are particular to this state. These lenders are able to do this through what are referred to as McLean hard money. What this is, is a means for lending that borrowers can make use of, if they own real estate. If a borrower owns real estate, then they’re going to be able to do business with any of the hard money lenders in McLean.
The only issue is, is what size of loan will the lender be able to extend to the borrower. The usual percentages are as follows: a borrower’s real estate (i.e. his collateral) is appraised at a current market value. Then on top of that, a quick sale value or price is assessed on top of that. These residential construction loans typically run 60% of the quick sale value of the property.