More and more Iowa Hard Money Lenders are experiencing less and less attrition amongst its borrowers. Typically, what’s happened in the past, is that Iowa Hard Money Lenders will see a pickup in business during economic downturns or slumps.
And as mentioned, many more Iowa hard money firms are finding that customers are sticking with them even as the economy returns and recovers; hard money lenders in Iowa will cite the fact that their loan arrangements tend to sit between the extreme ends of the spectrum of the standard bank loan one end, and the 25, 30 year mortgage on the other. Many borrowers that come into hard money offices tend to already be living quite financially lean and well within their means; they’re just needing a tad bit of capitalization that’s sort of beyond the scope or somehow is inappropriate for a credit card, and is well below what a 25, 30 year mortgage imposes. Borrowers are finding that hard money arrangements are also very customizable, with periodicity having a wider range in options than the usual financial product range of a traditional bank, with terms involving weeks, months, quarters, etc. Borrowers also appreciate the less sterilized, less anonymous feel of the hard money lender than what’s found at the bigger banks, so much so that these borrowers are heading to these lenders for private mortgage solutions when buying new homes as well.