There are a few things that people just getting to know hard money and the Trotwood, OH hard money lenders in Ohio should know about before they get started. Well first of all, lenders that work out of Trotwood, which is a city in the Montgomery County of Ohio, consider themselves members of the Trotwood community first and foremost. There are about thirty five thousand folks that live there, and before anything else, these lenders really consider themselves one of these people, first.
See, most Trotwood, OH hard money lenders, especially private individual lenders, they have day jobs. They’re usually leading professionals in the community, and are actually usually attorneys. There are a few reasons for this, which we can get into in a moment, but you should know a few things about hard money before we proceed.
First, Trotwood hard money is a loan, it’s a capitalization format that require real estate. It’s different from a home mortgage, because you’re not leveraging something; you’re not leveraging equity in the real estate, you’re putting the real estate up as collateral. In other words, hard money lenders in Trotwood, they’ll extend credit to you, just as long as you secure the debt load with some sort of hard asset (thus the “hard” in hard money). Now when you work with private lenders, what happens is that these lenders have to draft up the agreements, sort of from scratch, because each lender and borrower situation tends to be a little different for these private money lenders.