Seeing Beyond The Credit Score
Have you ever been stereotyped? We all hate it, don’t you agree?
We hate it because people take one thing they know about us and then make all kinds of wrong assumptions about who we are and how we think, and it simply makes us feel small. Our country has been fighting a battle against stereotyping people for many years and while we probably have a long way to go, I think we’ve made some progress.
In many ways, I believe that when we stereotype people, we’re being lazy. It’s much easier to find out one thing about a person and then jump to a long list of conclusions, than it is to actually get to know the person and understand what kind of human being he or she really is.
Hard money lending
And this brings me around to why I’m talking about stereotyping people on a website where we provide California hard money loans to people who want to buy Los Angeles real estate, Orange County real estate and property in the San Francisco area.
The “evil” behind stereotyping people is the fact that a stereotype is based on one small piece of information. In the world of real estate lending, banks and conventional lenders will often “stereotype” a borrower on little more than one number: the person’s credit score.
And just like you can’t judge the character of people by the color of their skin, you can’t judge the character of a home buyer or real estate investor by one number on a credit report.
Seeing beyond the credit score
We understand this at Evoque Lending and that’s why we look beyond the credit score and see the people who come to us when they need help getting a loan for California real estate. Because we offer private money, hard money loans, Los Angeles residents and others throughout California discover that they can successfully complete real estate deals that they thought they had lost.
Let me give you a quick overview of how we’re able to avoid stereotyping our clients and arrange first trust deeds on their properties even if they have what some would categorize as a low credit score.
First, the value of the property is important when we look at a situation. We want to make sure that there’s enough equity in the property to assure the safety of the loan. We believe that it’s strong testimony to the character of a borrower when he or she is willing to have a significant personal investment in the property they are borrowing on. It shows a commitment.
Second, we need to see a basic ability and willingness in borrowers to meet their obligations. We understand that going through a rough patch in a person’s life can knock down a credit score and although the situation was temporary, it can badly impact that credit score for a long time. So even though an applicant’s credit score may not be the best, the ability and willingness to keep up payments is there.
Our personal promise
I say all of this because I want you to know that we’ll look at you as an individual when you apply for a hard money loan at Evoque Lending. Your specific situation and property are what matters to us.
So please don’t hesitate to call me on our toll-free number, drop me an email or fill out our online application. We promise to give you the individualized, personal attention you deserve.