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Things You Must Consider When Hiring a Hard Money Lender in San Diego

After purchasing a commercial property, financing options are the next major decision. The best option is a private commercial real estate loan. There are many hard lenders that you can choose from, but it is important to know how to approach them to obtain the best deals. You may not get the money you need from all lenders.

When you have not paid your interest rate on time, hard cash lenders in San Diego will show mercy. When dealing with a money lender, the principal terms of the loan he offers must be remembered. Here are three things to keep in mind. The first is the Loan-To Value (or LTV) of your loan. When dealing with private lenders, the interest rate should be the second thing to consider. 

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You should also know that lenders may not inform you of all prepayment penalty rates. To avoid paying high penalties later, you should ask the lenders about this. It is better to compare the rate before penalty with another private lender, and then make a decision about this. 

You can avoid the hassle of having to pay high prepayment penalty rates and save yourself the pain of not being able to get a loan. Each money lender will have a list with previous customers. Ask your private money lender for testimonials from their past clients. 

Money lenders in San Diego will provide you with the telephone numbers of previous customers so that you can contact them to find out more about your money lender.