Since the subprime and mortgage crises hit in the summer of 2007, thousands of homeowners in Southern California no longer have the same refinancing options they did at the beginning of the year. When Bear Stearns said they were having trouble, the whole financial market hit a speed bump, and subprime lenders hit the potholes. Every day, you'd hear about a new subprime lender that had gone out of business or was on its way out, or you'd read about it in a newspaper or on a website whose goal was to be the first to report the next big mortgage blunder. The subprime market has changed, but private money lending is still giving loans the same way it always has. In today's economy, this is the only way for people with bad credit to get money.
While subprime borrowers who got 100% financing in a southern California housing area that lost 20% or more of its value are now facing foreclosure, private money lending is helping responsible homeowners who have equity in their homes but have fallen on hard times by giving them loans of up to 80% LTV with proof of resale.
As someone who makes private money loans in California for people with all kinds of credit, all kinds of properties, and all kinds of loan structures, I can tell you that private money lending is strong and doing well. We are careful about what we lend money on, but we are happy to lend up to 75% of the current value if we can see that the borrower can pay it back. Most of the time, business or personal bank statements are used for this. Private money loans in California can be used to buy single-family homes, apartment buildings, commercial buildings, residential lots, commercial lots, and a lot of other kinds of property.
If you want to know more about what's going on with private money lending in California, you can send me an email, give me a call, or come see me at: http://www.Californiaprivatemoneyloan.com
