Lake Ridge, VA hard money lenders, in the state of Virginia, do their business in the county of Prince William. The city of Lake Ridge has a population of over 31,000 people. This translates over to a population density of roughly 3,700 people per square mile, considering a total area of 9 miles for the city. The city and county are situated toward the northern border of the state of Virginia.
The segment of borrowers in this area that have significantly lower credit scores are finding it increasingly difficult to find banks that will finance their projects, their home improvement plans, their startup business ideas, etc. And so more and more of these borrowers are turning to Lake Ridge, VA hard money lenders. The reason why is simple: Lake Ridge hard money. Hard money is a way for a borrower with poor financials to get approved for a loan of varying sizes and amounts.
The hard money lenders in Lake Ridge are able to do this by having the borrower submit to the lender a possible candidate for collateral. Now, the only thing that the lender will accept is a hard asset, i.e. real estate. The real estate that’s put up by the borrower will determine how much the lender will actually be able to offer the borrower. The real estate will be assessed by a number of measures. One measure is current market value. Another measure is the quick sale price, which will be what the commercial construction loan, the size of it, will be based on.