We Fund Hard Money Loans in Ventura County
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What is a Hard Money Mortgage Loan?
Funding private/hard money loans in Venntura County is our speciality. Since 1994, we have funded over $1 Billion in private money loans in Ventura, Orange and Los Angeles Counties. Brokers and borrowers alike seek us out for our ability to rapidly fund private money loans. Private, or hard money loans are mortgages funded by private individuals, trusts, partnerships, real estate investment groups and retirement funds. Hard money loans are not offered by banks or commercial companies. Private Money Bankers has access to groups of private investors that fund hard money loans in Ventura County.What Matters Most-Equity
With a hard money loan, what matters most is what we call "Protective Equity". Minimum Protective Equity is 35%. In other words, total liens on your property cannot exceed 65% of the value of the property. These are tough time in the real estate industry, and private investors will not exceed a Loan to Value of more than 65%.
A Hard Money Mortgage May Be Right For You If:
* You have tried conventional financing, and have been unsuccessful.* You have some credit "glitches" * You need to secure financing faster than a traditional bank or lender can fund.
* Your property does not fit into the "mold" of a traditional lender.
* You are currently behind on your mortgage payments
* Currently facing foreclosure or have a notice of default filed against you.
* Trying to finish a construction loan
* You need financing for an "unusual" property, such as land, commercial property, hotels, motels, investment property.
A Private/Hard Money Mortgage Can Be Expensive
A hard money mortgage will come at a higher cost than a traditional mortgage. I always encourage Borrowers to do all they can to explore traditional mortgage financing options before they condsider a hard money mortgage. If you have been unsuccessful in securing traditional financing, then a hard money loan mortgage may be an excellent temporary mortgage solution for you.Hard Money Loans are "Band-Aids"
Hard money mortgages are for high credit-risk borrowers and properties. As with any type of investment - High Risk = High Reward. If you are a high risk borrower due to your current financial situation be prepared to give a private investor a "High Reward" for taking the risk to help you by funding a private mortgage. What we mean by high reward is a higher interest rate and higher loan costs than a traditional mortgage. You can expect private mortgage rates to vary from 9% up to 13%. Of course, the rate is dependent on the risk of the mortgage.
Since private mortgages are used as a temporary mortgage solution until you are able to resolve whatever is "ailing" a borrower. Just like a band-aid which is used only temporary until a cut heals, you should plan on keeping a private mortgage for only a short time until you are able to heal the situation that is preventing your from being able to borrower a traditional mortgage.
Most situations requiring a private mortgage can usually be corrected within 6 to 24 months. Although a borrower requiring a private mortgage may be paying a higher mortgage rate on a hard money loan than a normal conventional loan, this options often makes sense, especially for someone facing foreclosure who will lose their home.
Is a Hard Money Loan Right For Your Situation?
If you are a borrower, REALTOR or mortgage broker who is in need of a hard money mortgage, we are your private mortgage source. The qualifying guidelines for a private mortgage are fairly simple. If you have a property and owe less that 70% of it appraised value, you may be able to qualify for a private mortgage. The equity in your property is the single most important factor for qualifying for a private mortgage because it helps offset the risk to the private money mortgage investor.If you are searching for a private money loan, please feel free to contact Donald G. Timms at (805) 832-0572 or email Donald at donaldtimms@gmail.com.
About Donald Timms & Private Money Bankers
Donald Timms divides his time between Ojai and Los Angeles. He spends 1-3 days per week in Los Angeles, and the remainder of his time in Ojai. Donald is able to quickly determine if your financing request would be suitable for his investors.How to Contact Donald Timms
Telephone-(805)832-0572Email-DonaldTimms@gmail.com
Hard Money Loans are Available for the Following:
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Commercial | Residential
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Private Money Bankers
Donald G. Timms
2049 Pacific Coast Highway, SUite 204, Lomita, CA 90717
Phone:805-832-0572 | Email: donaldtimms@gmail.com
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