California Hard Money Loans to Purchase Real Estate Property
Wouldn’t it be great to be protected from rapidly rising taxes? The answer to that question is always a resounding “Yes!” and in California we have that protection – but it comes with a big “if.”
You have fantastic protection against rapidly rising taxes if you own a home.
I suspect many of you reading this are too young to remember when Proposition 13 was passed by California voters back in 1978. It was a financial watershed event that has made homeownership critically important in our state by giving homeowners protection from skyrocketing property tax bills.
Hard Money Loan to buy Homes
Simply put, Prop 13 strictly limits how much your property taxes can increase each year – no matter how much the actual value of your property jumps up. We all know that home prices in California tend to increase every year, and often those yearly increases can be huge. Before Prop 13, many homeowners were getting yearly property tax bill increases that they just couldn’t afford to pay and they were forced to sell their homes.
But if you don’t own a home, you can’t enjoy the benefits of this law that protects average Californians. Further, it’s important to get into a home as soon as possible before home prices go up more. That way you’re locking in a low starting point for your property tax bill
As property values increase, every time real estate sells in California, the tax man gets to make a big increase in the property’s tax bill. If you’re currently renting, either a home or an apartment, and your building is sold, usually the taxes on your building will jump and you’ll see that reflected in a rent increase. Because of that, renters don’t enjoy Prop 13’s financial protection like homeowners do.
Homeowners understand the benefits
The point is that on top of all the other benefits that come with homeownership, California residents need to remember the property tax protection they get from 1978’s Proposition 13. It’s sort of a hidden bonus that many don’t fully understand until they actually own real estate.
If you’ve had bad luck getting approved for a loan to get into your first home, or buy some investment property, don’t give up. Evoque Lending can probably give you the help you need to get you past this temporary roadblock and into your home.
We have found that banks turn down many worthy borrowers just due to their credit scores. All sorts of incidents and ancient history can negatively impact a credit score. Banks don’t seem to understand this. At Evoque Lending we get it, and that’s why we don’t base our decision on your credit score.
For us, two factors are the most important to consider when lending money to purchase real estate:
– The value of the property, and
– The ability of the borrower to make payments.
If the equity value is there and the borrower can meet all of his or her monthly obligations, Evoque Lending will “get the deal done.” We have been helping first-time homeowners and others with credit score problems buy homes and other kinds of California real estate for more than 15 years.
California Real Estate Hard Money loans
We are hard money lending experts for Orange County real estate, Los Angeles real estate and San Francisco area real estate. Further, you’ll find that we are dedicated to world-class customer service. We can give you an answer in about a day and we can get your loan funded in seven to 10 days.
To get started, all you need to do is contact us. Give me a call or send me an email with an overview of your situation. We will take it from there.