Jefferson, VA hard money lenders do business and operate out of the county of Fairfax in the state of Virginia. The city of Jefferson is a city that has a population of 30,000 people, and a population density of 5,500 people per square mile.
Jefferson, VA hard money lenders do a good thing in the state of Virginia, and that’s Jefferson hard money. What’s hard money you ask? It’s a way of getting approved for a loan, even if you have really poor credit scores and remarks on your credit history. You can get approved for hard money, through any of the hard money lenders in Jefferson, only if you own property, i.e. real estate, what’s referred to in this industry as a hard asset. If you do, you can proceed, and the lender will ask you about this property that you own.
The property will be appraised for a few things. Of course, the current market value of the property will be ascertained, and on top of that this property will be evaluated for what’s referred to as a quick sale value. This value or price will be what the lender bases his loan offer to you on. The quick sale value may be anywhere from 50% to 70% of what the current market value of the property is, as the lender or broker commercial mortgage will want to be able to basically dump the property on the market, getting rid of it in less than 4 months (tops).