In the state of Ohio, Maple Heights, OH hard money lenders have been operating pretty much since Maple Heights’ inception. The city itself is a part of the Cuyahoga County and has a population of about 27,000 people, and a population density of about 5,000 per square mile. Maple Heights is considered a suburb to Cleveland.
Maple Heights, OH hard money lenders are able to issue loans to borrowers with very poor credit standings and histories because of one things: Maple Heights hard money. If you’re not sure about what this is, a common analogy to help explain what it is and does would be useful. Everybody knows what a credit card is, right? Everybody knows that when you’re given a credit card, that it isn’t somebody else’s money that you’re spending, you’re spending money that you’re obligated to pay back, so in effect: your money. It’s a loan, in other words. But it’s unsecured.
So in a way, what hard money lenders in Maple Heights do is provide a “secured credit” service. They will extend a loan offer to you, only if you’re able to secure the loan. By the way, this isn’t a recurrent situation. It’s a single loan, and once it’s paid off, it doesn’t renew like a credit card does. The credit card was just used as an example to help explain the situation. So, people use this sort of loan arrangement for a wide variety of things, which also includes construction hard money.