In the state of Ohio, Hudson, OH hard money lenders provide a very critical service to the state of Ohio. The city of Hudson is located and is a part of the county of Summit. The city has a population of about 25,000 people, and has a population density of about 800 people per square mile. In the 1990s, the municipality was officially elevated to a “township,” though most refer to Hudson as a city, colloquially.
Hudson, OH hard money lenders there are able to provide financing and loan products to borrowers with damaged credit reports, because they’re able to provide to these people a variety of Hudson hard money products. There are a good deal of hard money lenders in Hudson that are able to do this, because of one main fact: these lenders don’t care about credit scores. But, how is this possible? How’re they’re able to do this is sort of similar to how secured credit cards are able to extend lines of credit to borrowers with damaged credit reports.
Hard lenders require that their borrowers secure the loan arrangements that they offer. Specifically, they require that the loans that are set up by these lenders to be backed by real estate. Real estate is considered to be a “hard asset”, thus the “hard” in hard money. And without real estate, lenders are not going to be able to consider you to be a qualified borrower. This is the main point for qualification for a new construction loan.