Would you lend to a borrower in foreclosure? Or someone looking to buy a large ranch whose value couldn’t accurately be determined with a standard appraisal? How about refinancing someone’s mortgage so the person can take out hundreds of thousands of dollars in cash? For California Hard Money lenders, it’s all in a day’s work. These private individuals and small local companies operate where even subprime lenders fear to tread, making loans to the desperate and needy the same way regular banks and brokers service traditional customers. Private lenders are harder to find than mainstream lenders and they don’t come cheap, but they can help hard-luck borrowers make bad situations better, and sometimes, they’re an California consumer’s only choice. There are Private Money Lenders, California included, who, if the interest rate is high enough and the perceived risk is low enough, will put the money up front for you to use. Brokers and other intermediaries who arrange hard money, or private money loans, go to people who have money to lend and match them up with people who can’t get money any other way.
That may sound a little like how the Mob works, which is why people call it ‘buying a home the “hard” way’ but don’t worry. Hard money lenders aren’t loan sharks who break borrowers’ kneecaps when they can’t repay. At the same time, these lenders aren’t your typical bank lender either. They charge interest rates and fees that would make conventional borrowers cringe and often base lending decisions on whether there will be enough equity in their subject homes that they can foreclose and still turn a profit even if your plan goes south. Yet, private money lenders fill a niche in mortgage lending, helping consumers who have specialized needs or too many credit problems to get conventional financing.
Dennis Dahlberg Broker/RI/CEO/MLO
Level 4 Funding LLC
Arizona Tel: (623) 582-4444
Texas Tel: (512) 516-1177
NMLS 1057378 | AZMB 0923961 | MLO 1057378
22601 N 19th Ave Suite 112 | Phoenix | AZ | 85027111 Congress Ave |Austin | Texas | 78701
About the author: Dennis has been working in the real estate industry in some capacity for the last 40 years. He purchased his first property when he was just 18 years old. He quickly learned about the amazing investment opportunities provided by trust deed investing and hard money loans. His desire to help others make money in real estate investing led him to specialize in alternative funding for real estate investors who may have trouble getting a traditional bank loan. Dennis is passionate about alternative funding sources and sharing his knowledge with others to help make their dreams come true.
Dennis has been married to his wonderful wife for 42 years. They have 2 beautiful daughters 5 amazing grandchildren. Dennis has been an Arizona resident for the past 40 years.