In case you are in need of money for your real estate investment then SolidCashSolutions can be the best choice. Solid Cash Solutions, Llc. is the kind of real estate fund secured through the property owners. Usually hard money is short term funds of one year or even less. There is a huge difference between this kind of loan and traditional loans provided through various institutions like banks, etc. These loans are also referred to as private money. Usually these kinds of loans are provided through lenders or organization. The lending criteria will also vary in this kind of fund. The money lender, like SolidCashSolutions, Llc. will pay emphasize over the worth of property to determine whether to lend it or not. The total amount of money that the lender will actually lend will be based on this factor.
The main security for this kind is the real estate property itself. Actually the money lender must be comfortable with the property valuation prior to determining the actual amount of money to lend. The value will be determined through the individual appraisal.
Benefits of using Cash Solutions
These loans are very expensive when it comes to rate of interest and the money charged when compared to that of the traditional loans. However there are lots of advantages that one can get through these kinds of loans. These loans are not like that of the conventional funds these are the ones that are available fast and easily. In this kind of loan you do not have to deal with lot of paperwork and processing which makes it a hassle free process. These kinds of loans allow the property investors to get the excellent deals in comparison to the other investors.
Eligibility to acquire this kind of loan
House flippers and builders can make use of these deals. The lenders that offer hard money usually ask you to back the loans with assets. In case you are looking forward to purchase property and wants to make good profit out of it and you are not able to get standard mortgage then this kind of loan can be the best funding alternative.
Searching for the best lenders for these loans
In case you have decided to get this kind of loan then searching for these lenders online can be the best idea. This is because there are numerous lenders that have their online presence. Before selecting just make sure that you have selected a reliable and genuine lender.
Personal Loan Requirements
No matter how well we plan our finances, we have all faced a time when we incur unexpected expenses. A sudden wedding in the family or the unfortunate hospitalization of a family member can become a major drain on the monthly finances. We may plan for the longer term goals but such unforeseen events take us by surprise and catch us at a loss of liquidity. It is very important to meet the expenses that arise at these times. This is when a personal loan with bad credit in California comes to the rescue. They are short-term unsecured loans, with a maximum tenure of three years. Some banks and non-banking financial institutions offer an extended tenure for the loan as well. This kind of loan is not secured by any collateral given to the lender. The basis of approval for such loans is the credit history of the borrower alone. Repayment capability is also taken into account while approving such loans.
Before going to the institution to apply for a loan, it is important to keep your documents ready. You will require some kind of photo identity proof that is issued by a government agency. This could be a passport, a voter’s ID or your driver’s license. While these verify your photo and name, you would also have to bring along some proof of address. You might use a rent agreement, ration card, utility bill or house purchase agreement as proof of residence.
Since such loans are given based on your credibility, you would have to submit your bank statement as well to the institute. The bank account must be where your salary is deposited, and you will have to submit copies of three months worth of salary-slips as well. Self-employed individuals are required to submit six months worth of bank statements, and two years worth of income tax returns. Such individuals also need to bring proof of their office address when applying. Before giving out a loan, banks need to be sure of the person they are dealing with. Therefore, self-employed individuals are also required to show that they have been carrying out the same kind of business for a long period of time and are well-versed with the trade. This is known as proof of continuity of business. Lastly, you would need to bring along two photographs of yourself for the loan application.
Once the papers are submitted to the lender, a credit check is carried out by the credit rating bureau of USA. The loan is sanctioned if the bank finds the credit rating to be in line with the guidelines laid down by the bank. The rate of interest of a personal loan in USA is lower than the rate of credit card debt. Hence a lot of borrowers prefer a loan to credit card debt.