In the state of Virginia, Dale City, VA hard money lenders have been doing business for years and years. Dale City is an unincorporated community in the county of Prince William, and has a population of roughly 65,000 people. Dale City also has a population density of roughly 4,500 people per square mile.
In this state, it’s getting harder and harder for folks to get approved for a loan. And this is the case for a variety of reasons. For one, the economy’s taken its toll on personal economics, and for two: banks just aren’t lending. Many well qualified borrowers in fact are being turned away every day. This is due in part to the fact that foreclosures are being kept in limbo, in order to measure the pace of these debts going bad, instead of dumping them all on the market all at once. And so what we have is situation where we’re seeing more and more activity out of the Dale City, VA hard money lenders community.
This community is in the business of what are referred to as Dale City hard money loans. These are loans that people with very low credit scores, very distressed financials, and various other negative economics can get approved for. These hard money lenders in Dale City are able to approve lending to these borrowers for one reason, and one reason only: hard assets. In other words, these lenders are able to issue private mortgage money because they require borrowers to secure these loans with real estate.