Buhl, ID hard money lenders are able to lend to folks with very distressed financials, and what we mean by this is: they’ve got low credit scores; they’ve got massive amounts of credit card debt, and they’ve fallen behind on their mortgage payments (in fact, many of these folks are being foreclosed on). And so, these lenders are able to help these borrowers out through financial arrangements called Buhl hard money.
Hard money is a class of debt products that don’t really rely on the credit score as much as traditional bank debt products do, such as mortgages and standard loans. Instead, what these hard money lenders in Buhl look for in a borrower is whether or not he owns property. These lenders will take a borrower that’s underwater with massive amounts of debt but owns a house and is being foreclosed on, over a borrower that doesn’t have any debt whatsoever, a really high credit score, but doesn’t own any property whatsoever, and rents an apartment. The reason for this is that real estate is required to be put up as collateral, as security to the debt arrangement. This is absolutely required by private hard money lenders.
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