Choose from 1 Hard Money Lenders in Danville, IL
Danville, IL hard money lenders do business in the county of Vermilion in the great state of Illinois. The city of Danville proper is one that has a population of roughly 40,000 people. This translates over to a rough population density of just about 2,100 people per square mile.
Danville, IL hard money lenders do a good thing in the state of Illinois; they provide Danville hard money loans to borrowers with very bad credit. This is important because these borrowers are making a fast growing part of the borrowing public in this area, for a variety of reasons (economic, financial, psychological, etc.) And these hard money lenders in Danville are able to do this because of the requirements that they place on these borrowers. See, before borrowers are even presented with a pitch for a loan, the borrower's required to put up real estate as security.
And so the lender goes about his due diligence on the property, and then comes back to the borrower and says, basically: this is what your property's worth now; this is what I could get for it, in case I needed to sell it right away; and this is the percentage of that quick sale value that I'm willing to extend to you in the way of a debt arrangement. And that's the gist of what and how this hard money thing goes down. Private hard money lenders need to examine the real estate first, then propose a debt arrangement only after.
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