South Gate, MD hard money lenders have been operating out of this Anne Arundel County city for years and years at this point. The city itself has a total population of about 30,000 people, with a population density of about 4,500 people per square mile.
South Gate, MD hard money lenders are able to provide loans to borrowers with particularly poor and low credit scores. But, how are they able to do this, when the big banks all have but turned their backs to these folks? Well, it’s quite easy to understand what it is these South Gate hard money facilities do if you draw an analogous relationship from secured credit card companies.
When you take out a line of credit with a secured credit card company, what happens? What happens is that the company issues you that line of credit without having to check your credit score, and they’re able to do this because they require you to secure the loan and line of credit with some sort of collateral. That collateral is cash, or rather a funds transfer to the card company. Well, hard money lenders in South Gate work in a similar fashion. These lenders will extend to borrowers with poor credit histories, if and only if, the borrower is able to secure the loan himself, with some sort of collateral. And the hitch of it all, is that these lenders will really only accept real estate, or what’s called hard assets, as collateral for any commercial funding.