In the state of Ohio, we’re seeing that Oxford, OH hard money lenders are helping a good portion of the home owning public there with avoiding foreclosure in a variety of ways. For those that aren’t entirely familiar, Oxford (not the one in the United Kingdom) has a population of about 23,000 to 24,000 people, with a population density of about 3,700 people per square mile. It’s situated along the southwestern corner of the state of Ohio, and was founded (in its current form of a township) in the early 1960s.
Oxford, OH hard money lenders are able to do one important thing for home owners and borrowers: they’re able to lend them money, Oxford hard money, without having to check their credit scores. They’re able to do this due to a few key things. For one, it’s apt to think of these lenders as sort of like secured credit card issuers, wherein the lender will extend a line of credit, or a loan, for as long as the borrower puts up a bit of collateral to secure the loan (thus the “secure” in secured credit cards).
By securing the loan, the borrower is giving the lender some recourse, a bit of an exit in case the loan should go sour. Now, the exception with hard money lenders in Oxford is that they only take one type and sort of capital. They will only take “hard” capital, i.e. real estate. Without real estate, foreclosures Ohio would certainly be imminent for the borrower.