North Olmsted, OH hard money lenders have been operating in the Cuyahoga County for years, pretty much since the city of North Olmsted’s founding years ago. This city has a population of about 36,000 to 37,000 and has an urban density of about 2,932 people per square mile.
North Olmsted, OH hard money lenders are able to lend to borrowers in Ohio that don’t have very high credit scores for one very good reason: these hard lenders don’t check credit scores. Then how do they asset the borrowers risk? Well, that’s easy, they make the borrower secure the loan. Well, what’s “secure” mean in this case? Well, have you ever heard of a secured credit card?
If you haven’t it’s a lot like a regular credit card, only with a secured credit card, a card company will only issue you an amount, a line of credit that is equal to your security deposit. Say you deposit $300 with the card company. In turn and as a consequence, the card company will then issue a $300 credit line to you. This is very similar to how North Olmsted hard money works. With money lenders in North Olmsted, what you’ll find is that they require that borrowers secure their loans. And if they’re not able to secure their loans, they will not be issued one. This is a huge alternative for folks in Ohio that have very poor or low credit scores but still need to borrow money, e.g. commercial hardmoney loans.