In the county of Summit, in the state of Ohio, Green, OH hard money lenders have been operating for years. The city of Green is about 25,000 people strong, and has a population density of about 700 folks per square mile. It’s located in the northeastern region of Ohio, and is considered to be a part of the Akron Metro Area.
The important thing that Green, OH hard money lenders are finding themselves doing these days is providing financing and leverage deals to borrowers with low credit scores. The problem in Ohio is, is that folks there have been hit particularly hard by the recession in the United States. It’s really hard to say exactly, but most people don’t have very good credit scores. The median used to be at about 700, but now it’s much, much lower.
So most of these borrowers aren’t able to get loans from banks, and are turning to Green hard money. And what this is, what these hard money lenders in Green do is that they provide hard money solutions to borrowers that have low credit scores, or otherwise bad credit. Well, how are they able to do this? How they’re able to do this is similar to the way that secured credit card issuers are able to extend lines of credit to folks with terrible credit. For one, they’re going to require of their borrower that some form of collateral be put up, in order to secure the loan somehow. This is how hard money lenders in Ohio achieve this.