Springfield, VA hard money lenders operate out of an unincorporated area of the county of Fairfax in the state of Virginia. It’s considered a suburb of the capital of the United States, Washington D.C. The city of Springfield has a population of roughly 33,000 people, and a population density of roughly 3,200 per square mile.
Springfield, VA hard money lenders are able to do a very important thing for the borrowers of the state, and that is offer these borrowers Springfield hard money loans. See, these are the only loans that borrowers are able to get approved for these days, because many borrowers in this area have very low credit scores, due to the economy. But, the thing is, these borrowers also own land (largely a byproduct of the real estate bubble), with many of those holdings actually being under water. Now, here’s the thing.
It doesn’t matter what sort of financial difficulty the borrower is in, if he’s got land, then he can do something with one of these hard money lenders in Springfield. A loan can be issued on what’s called the quick sale value of the property. The lender will appraise the value of the real estate to be put up as collateral and security to the loan, and then assess this quick sale value. This value or price will be the basis for which the size of the loan is determined. This is the way that hard money lenders Virginia are able to loan out capital to borrowers with poor credit scores.