Choose from 1 Hard Money Lenders in Mundelein, IL
Mundelein, IL hard money lenders operate out of the county of Lake, in the state of Illinois. The Mundelein is actually a village (officially), and has a population of roughly 32,000 people, which translates over to a population density of roughly 2,200 people per square mile.
Mundelein, IL hard money lenders provide Mundelein hard money to borrowers in the state that (A) have very bad credit scores and credit histories, and (B) can't get approved for a loan at the bank. How hard money lenders in Mundelein are able to do this is similar to this is similar to how secured card companies are able to lend to borrowers with low credit scores as well. Hard lenders are able to do this by requiring that the borrowers secure the loans that they extend upfront, before an offer for a loan is even presented. So what this means is that the real estate, the security, needs to be scrutinized by the lender before he actually pitches an offer to the borrower. So, what will happen is that the lender will appraise value, then a formula was be applied that actually clocks the property at what's called a quick sale price.
This price is a portion, or a piece of the actual current market value. On top of that, the lender will issue a loan that's of a relatively low loan to value ratio. So, if you have a property that's currently valued at $100,000, after all that's said and done, these hard money investors will be able to issue a loan for just about $50,000 (which is good, considering the fact that the borrower will have a number of financial issues brought to the table).
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