In the state of Virginia, Salem, VA hard money lenders are able to lend to borrowers that have less than stellar credit scores. The city of Salem is a so called independent city, which means that it isn’t officially a part of any county in the state. It is surrounded by the county of Roanoke, however. The population of Salem stands at around 26,000 people.
Salem, VA hard money lenders are able to serve a number of borrowers, on a number of levels. One type of borrower in particular, has a lot to gain from one of the sets of products and services that these lenders offer, which is Salem hard money. The borrower that has the most to gain from such debt products are borrowers with very distressed financials, with very poor credit scores, and very negative credit reports. Borrowers of this sort stand to gain a lot from these debt products, because unlike bank loans, these debt products don’t go by a criteria of credit scores and other traditional measures.
Instead, what hard money lenders in Salem concern themselves with about a borrower is whether or not he’s able to furnish a hard asset to back the loan. In other words, the lender will want to know the borrower can put up collateral, in the way of real estate, to the loan. If he can, the lender will ask about the property, do his due diligence about the property, and then come back to the borrower with a presentation of what he can do for him in terms of hard money business loans.