Hard Money Loans Up Despite Lawsuits
Even with a rise in fraud accusations, most notably among New York firms, the hard money lending business is flourishing nationwide and even breaking records in profit, according to an article by HousingPredictor.com.
Trials have recently started on a case against a number of New York hard money lenders, who are being accused of tricking their investors out of millions of dollars’ worth of cash and assets.
In Nevada, trials have also began on USA Capital, which went down with over 6,000 investors and assets amounting to $962 million at its peak. Many individual investors, who funded short-term loans, declared bankruptcy in the wake of the housing crash.
Nonetheless, hard money lenders elsewhere are riding the wave of demand brought by aspiring buyers looking to enter the real estate investing business and take advantage of the drop in property values.
For instance, California firm Source Capital Funding Inc. just announced that it had closed 42 hard money loans in October alone, and has so far lent over $9 million to real estate buyers and investors in 2010, tripling its profits over the year.
The company charges hefty interest rates like other hard money lenders. Their rates start at 9.99% and can go as high as 11.99% for desperate homeowners looking to bring their mortgage current and steer clear of foreclosure.
Officials say they only take on first trust deeds with low risk and the promise of steady returns, particularly in the Arizona, Los Angeles, and San Diego markets. Company partner Sacha Ferrandi says hard money loans will always be in demand, unlike conventional loans which are vulnerable to seasonal changes.
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