What is the criteria to secure a loan from a Alabama hard money lender?
A hard money lender considers a variety of factors in evaluating a loan prospect. This criteria is more or less same for hard money lenders nationwide. • Investor Profile: The experience of the property investor seeking the loan is a prime qualifying factor. This factor gains more significance when the loan amount involved is large. The complexity of the project execution also plays an important role. Experienced developers with diverse experience are usually preferred by mortgage lenders providing hard money in Alabama. • Credit History: Any person or company lending money prefers a borrower with a good credit history. Having a good FICO doesn’t necessarily mean a borrower is credit worthy. For hard money loans, goof credit certainly helps, but it is not always necessary. Property investors have successfully secured bad credit hard money loans by presenting their case or explaining the context of their irregular repayments or defaults in the past. • Property Types: All types of Alabam
