Woodlawn, MD hard money lenders have been doing business in this city for years. The city of Woodlawn is actually a part of the county of Baltimore, in the state of Maryland. The city has a total population of about 40,000 people, and a population density of about 4,000 people per square mile.
So, in the state of Maryland, what these Woodlawn, MD hard money lenders do is very important, because what they do is provide a means for borrowers with very low credit scores to take out loans. These loans are called Woodlawn hard money loans. And how these hard money lenders in Woodlawn do this is simple. Everybody knows what a credit card is, right. And everybody knows that some people have such terrible credit scores that they can’t even start up a line of credit with a credit card company (and they want everybody to start up a line of credit with them!). When that happens, the borrower needs to go the secured credit card route, in order to rebuilt their credit.
What does it mean to “secure” a card debt? This means and implies that the debt is backed by something. In the case of card debt, the debt will be backed or “secured” by cash, a funds transfer to the card company in the way of a security deposit. Hard lenders work much the same way. They will issue a borrower a loan, but only if they first offer up something in the way of collateral. See, these borrowers are going to have to secure their debt with the hard lender. And the hard lender will really only take one type of collateral, and that’s a hard asset, in other words: real estate. And that’s how private hard money works.