Tysons Corner, VA hard money lenders do business throughout the county of Fairfax, which is in the state of Virginia. The city of Tysons Corner is situated in the heart of the Northern Virginia area, and has a population of roughly 20,000 people. The city has a population density of nearly 4,000 people per square mile.
Tysons Corner, VA hard money lenders are able to lend to borrowers with low credit scores, when the big banks aren’t able to, through what are referred to as Tysons Corner hard money loans. These loans are possible because of what’s called security. Now, we’re not talking about security guards at the mall, that patrol the premises throughout the night. No, we’re talking about a security, in the “security deposit” sense of the word. And this is how hard money lenders in Tysons Corner are able to lend to borrowers with distressed financials. What will happen is that these borrowers will have to put up collateral to the loan, before a loan is even offered.
The reason that this is, is because it’s the collateral that will determine the size of the loan in the first place. So this is how this works. The borrower submits to the lender the address of the property, and documentation that attests to the fact that the borrower has the right to even put up this property as collateral to the loan. Then, the lender runs a few appraisals on the property. The amount of construction hard money will be determined by the appraisals on this property.