Choose from 1 Hard Money Lenders in Pekin, IL
Pekin, IL hard money lenders do business in the county of Tazewell, which is in the state of Illinois. The city of Pekin itself is situated along the Illinois River, in the central regions of the state. The city has a population of about 35,000 people.
Pekin, IL hard money lenders, in the state of Illinois, are able to lend to borrowers that don't really have very good credit scores. This is very important at the economic sense and level of things in the state and the city itself, but it's also important for the borrowers at a personal level. Then, the issue is for the borrower, the process: how can Pekin hard money be attained? For one, the borrower will have to have real estate that he could use to secure any loan that's presented by any of these hard money lenders in Pekin.
What will actually happen is this: you take your documents about the real estate (titles, deeds, etc.) over to the office of the lender. And the lender will run an appraisal. How this appraisal works is a bit different than what you'd get with a traditional appraisal. The property will be assessed for what's called a quick sale value or amount. This is the problem for the lender: being stuck with a default and a property that can't be sold for very much. Then, the lender will present an offer for a commercial hard money loan, that usually hovers at around the 50% range of the quick sale value.
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