Many in the state of Idaho have heard about Homedale, ID hard money lenders, but not very many actually know what this is. These lenders focus on what are called Homedale hard money services and products. These services and products differ from the standard debt products that anybody can apply for at big banks.
These aren’t based on credit scores, and credit scores play hardly a role in the lender’s decision making processes surrounding the issue of whether or not to issue a loan out to a borrower of distressed financials. What this is, is a case where hard money lenders in Homedale are able to approve loans out to borrowers that are facing foreclosure, have terrible credit scores, but still need to take out a loan in order to get out of the hole that they’re in. They’re able to lend to these borrowers by requiring the borrower to secure the loan up front. They’re only allowed to place a security of real estate, a hard asset, with the lender. The lender will not accept anything else, other than real estate. With these hard money investors, the point about real estate will not be up for discussion.
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