With the economy the way it is, California Hard Money Lenders are poised to profit and pounce on a market that’s growing more and more disenfranchised with the traditional banking firms. These traditional international banking and financing firms are catching a lot of flak from their customers and clients, but also from the United States Congress, as well as governments and agencies in Europe.
In the past, California Hard Money Lenders have been considered more an alternative than a viable option alongside the traditional banking firms and the big box financial products and services companies. What’s typically transpired is that as the economy tanks, and traditional bankers freeze their lending policies, tightening up on borrowers, these borrowers in turn take their business elsewhere—elsewhere being many of these hard money lenders and other independent financial products and services companies.
There are many in the California hard money industry that are evolving their businesses, growing their businesses aggressively with the two aims: one, to change the misconception amongst most in the market that believe and have relegated (psychologically) these firms to a category of “alternative.” It isn’t uncommon for the typical borrower to feel that these firms are subpar, somehow. These sentiments have arisen, percolated over the years—in fact, over the course of a century, since the Depression—.
Today, hard money lenders in California are more and more being considered alongside the line of traditional banking and financial services and products. These independent firms, along with other smaller independent banks such as the neighborhood credit union, are fast becoming the default choice of the everyday customer in the market. A number of these firms pitch their services and products as not an alternative, but a better way to get the terms that a borrower actually needs, which is a valid point. With the traditional bank, loans are limited to either the personal or business loan, or the mortgage product. Both carry very stiff terms, with very little wiggle room. In a way, what these firms are offering are more specialized products and services that better conform to the borrower, which is the largest draw to hard money lending.