It is quite natural to have very big dreams and financial goals! Unfortunately, more than 18 million people in America are unbanked. These individuals don’t have a bank account and more than 51 million citizens are underbanked. Such people use alternate financial services to take care of their monetary needs. In both these groups of people, you should learn to choose the right kind of loans and stay financed. Above all, a lot of people are unaware of how their banking and financing systems work. With this being said, there are few types of un-bankable properties.
What are these properties?
Un-bankable properties are the ones rejected by conventional banks and financing institutions. More and more banks are rejecting clients because of the financial mistakes made by them! For example, if you have minor overdrafts or bounced checks, you are likely to be rejected by the bank. In such situations, you will not be allowed to apply for normal loans. Conventional banks are driven by stern rules and policies. Applicants who don’t fall within this checks are often declined. You will find it impossible to secure some funds or convince the bank to approve a loan for you. This is when hard money loans alias bridge loans become useful.
Many young bankers are considered as unbanked or underbanked. If you are someone between 18 and 24 years of age, you will not be allowed to engage in many banking activities. Intuitively, it makes lots of sense because you are ought to get your life started. However, macroeconomic trends reveal that students have the potential to do great stuff! If you are someone with great ideas, you can always go for bridge loans to get them accomplished. Of course, a little bit of upfront cash and some enthusiasm can get you going with hard money loans!
The Big Repairs!
Is your property ready for big repairs? Are you wondering how to finance them? Or, are your loan applications rejected by traditional bankers? If yes, hard money loans are here to help you. These loans prove to be a great alternative financial product to take care of your financial needs. These loans can be used to repair and refinance your housing project. According to experts, these are the only loans to help you re-do properties! Traditional banking systems and financial institutions will not help you with such kinds of fund.