In what could be good news for property flippers in California, mortgage broker Barrett Financial Group has announced that it will be offering commercial hard-money loans in the state through its Hard Money Lenders California brand.
While traditional lenders decide if a borrower is qualified based on their credit history or financial statements, a commercial hard-money loan is primarily based on the borrower’s assets. This allows borrowers whose property projects don't necessarily meet the traditional guidelines of most banks and other lenders to receive funding from other private lenders.
“What makes Hard Money Lenders California unique is that we are a direct lender specializing in commercial hard-money loans,” the company said in a statement. “There are no fees upfront and we can get you the funding to start your project in an extremely short amount of time, unlike traditional banks and lenders. The company has been built on the foundation and mindset that just because an individual may have a poor credit score does not mean that they should be incapable of receiving lending or financing for any and all real estate or business purposes. All specialists employed with Barrett Financial Group are proficient in carrying this mentality out, in fast and efficient ways and provide customers with a plethora of knowledge on our loan programs.