Hard Money Lenders in Utah Provide Loans to Bad Credit Borrowers
Bank lending in Utah has gotten extremely tight with all of the new regulations imposed on lenders in the past few years. In the absence of bank lending, hard money lenders in Utah are answering the call for loans. Borrowers with foreclosures or even bankruptcies have been the hardest hit in the current economy, as no bank will lend to them. Those with a foreclosure or bankruptcy have turned to hard money lenders in order to get loans to keep their businesses and investments afloat.
Hard money loans are provided based on the collateral and not usually based on the credit score of the borrower. Although the interest rates are higher for a hard money loan versus a bank loan, this is the only loan that is available to most borrowers with a foreclosure or bankruptcy on their credit. If hard money lenders weren’t providing these loans, many of these types of borrowers would be left without any option. Utah has the fourth highest rate of bankruptcy filings in the U.S. What would all of these people do without the availability of credit to put their lives back together? By making hard money loans to these people, hard money lenders have made it possible for investors and businesspeople to start up their businesses and investment activities again.
For more information about our loans for investment properties, click here.