PB Financial Corporation Private Money Lenders Announces California Commercial Financing
PB Financial Corporation, one of the premiere private money lenders in California has recently announced the update of its California commercial financing program.
- (1888PressRelease) February 27, 2013 - PB Financial is a company that provides lending for real estate that is based on equity. Private Lenders like PB Financial are able to provide financing for those who are in need of money for various real estate ventures but cannot get the funding needed in the conventional methods. This could be because of a past history, or simply due to the fact that they might no longer qualify for a loan under the very stringent lending rules put in place by pretty much all of the lending institutions today.
In a typical transaction, a person applies for a mortgage through their bank to pay for the home they are about to purchase. However, there are a number of situations in which conventional financing is not available. Such as people who are looking to build their own home. This is where a company like PB Financial will be able to act as a private money lender in order to bridge the gap between any financing that is needed.
The same is true for commercial operations as well. Quick and creative financing can be utilized by borrowers who are looking to build apartment complexes, industrial buildings and the like. PB Financial bases their hard money lending simply on the equity of the property and goes from there. There is no hassle dealing with various FICO scores and other issues that could get in the way of an otherwise healthy real estate venture getting the financing it needs.
Now, with the interest rates and markets giving some people cause for concern, PB Financial and other private lenders have been able to set new standards for their hard money commercial lending practices.
The new rates that PB Financial are offering to California hard money borrowers are going to be listed as follows: apartment buildings will be up to 60% of loan to value, rehab properties will be up to 70% loan to value, and commercial income producing properties will also be up to 60% loan to value.
These new rates will represent a substantial boon to potential borrowers who have been mired in the credit crunch that has been going on since the financial collapse froze the markets and introductory very high mortgage standards. Now borrowers will be able to use private money lenders like PB Financial in order to finance their construction and rehab sites, and start bringing some cash inflow into both the economy and their own pockets.
With these new rates for those in California who are looking for commercial projects, the commercial and income producing real estate market in the are should really being to start looking up. As more and more builders will be giving the funds in order to complete projects that have been on hold for the past few years or start projects that had to be put on the shelf because of a lack of funding and financing.For more information please visit at http://www.pbfinancialgrp.com
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