Massachusetts Hard Money Lenders run the gamut, like any other class of financial services and products firm. There are private, individual hard lenders for one. These lenders are lone individuals; they may operate as sole proprietors, or may actually do enough business to work under the protections of a corporation of some sort. [ad#ad-top]Some prefer to incorporate under the entity of the limited liability. Either way, the fact of the matter remains: the private lender is operating on the basis of his or her own ability to capitalize the loan arrangement; he or she will be using his or her own cash to loan to the borrower. Now, it isn't uncommon or completely strange to find that this individual is actually a lawyer. Lawyers love to get into these sorts of deals, because at their core and essence, they're legal documents; they're contracts.
Then of course there are the actual firms with commercial locations in your area; these Massachusetts Hard Money Lenders are typically more efficient at getting loan arrangements drafted, getting deals done that the individual. These Massachusetts Hard Money Lenders often consist of a number of teams that specialize in particular phases or steps to developing the loan. There is of course, just as there is with the private individual, the step to putting in the due diligence about the real estate property that's being put up by the borrower as collateral for the Massachusetts hard money; there's also the sort of the tedious legwork, involving getting out to agencies and various government factions and offices to verify plat boundaries and lines of the property, as well as verifying deeds and titles. Of course, hard money lenders in Massachusetts will check for the number of liens on the property, on top of running a full background and credit check on the borrower.
These arrangements are generally considered to be riskier, which is one of the reasons the bigger banks tend to stay away from these arrangements. You will be able to find SOME of the bigger banks that do engage in these sort of deals, but they're few and far between. You're more likely to just be passed on from agent to agent, from rep to rep, being passed around in the big bank's organization, just to find out that your area cannot be serviced by the bank in this way. You'll likely only have access to the services and products that you often see in the way of glossy cardboard cutouts, i.e. home mortgages that drag on for 25, 30 years, and standard bank loans, a far cry from the set of solutions that your hard money broker could get for you.