{"id":1229,"date":"2020-10-10T17:53:35","date_gmt":"2020-10-10T17:53:35","guid":{"rendered":"https:\/\/blog.calhardmoney.com\/?p=1229"},"modified":"2023-06-29T11:38:50","modified_gmt":"2023-06-29T11:38:50","slug":"ramifications-of-late-payment-on-your-hard-money-loan","status":"publish","type":"post","link":"https:\/\/www.calhardmoney.com\/blog\/ramifications-of-late-payment-on-your-hard-money-loan\/","title":{"rendered":"Ramifications of Late Payment on Your Hard Money Loan"},"content":{"rendered":"<p>In an ideal world, 100 percent of fix-and-flip projects would run smoothly from start to finish with the flipper enjoying a large profit at the end of the project. However, that is not reality. It is quite common for unexpected issues to arise during a flip project that leads to an investor becoming overextended. If you find yourself in this situation, it is important tounderstand the ramifications if you cannot make, or are late in making, your hard money loan payments.<\/p>\n<ul>\n<li><strong>Late Payment Provision <\/strong><\/li>\n<\/ul>\n<p>There is typically provision in your hard money loan documents addressing the impact of a late payment. With a private loan, it is possible you may give the lender the right to foreclose and sell your property in the event you default on the hard money loan. If that statement strikes fear in your heart, remember that a reputable <a href=\"https:\/\/www.calhardmoney.com\/\"><strong>hard money lender in Los Angeles<\/strong><\/a> is not a loan shark looking to fleece you and foreclose on your property. They want you to succeed and have you become a potential long-term partner for future real estate projects.<\/p>\n<ul>\n<li>\n<h2><strong>Grace Period <\/strong><\/h2>\n<\/li>\n<\/ul>\n<p>In the lending world, the term \u201clate\u201d has a few different implications, each of which have different ramifications. A respected <a href=\"https:\/\/www.calhardmoney.com\/meet-the-owner.php\"><strong>hard money lender in Los Angeles<\/strong><\/a> will typically provide you with a grace period during which your \u201clate\u201d payment will not incur an actual late fee. For example, some lenders offer a grace period of around ten days. Before signing on the dotted line, make sure to ask your <a href=\"https:\/\/www.calhardmoney.com\/contact-us.php\"><strong>Los Angeles hard money lender<\/strong><\/a> if they offer a grace period, and the amount of days. If the grace period has lapsed and your hard money loan enters \u201cpast due\u201d status, your lender will typically charge a late fee that is a specific percentage of your missed payment.<\/p>\n<ul>\n<li>\n<h2><strong>Partial Payment<\/strong><\/h2>\n<\/li>\n<\/ul>\n<p>In many instances, if you send in a partial payment, the lender will be open to accepting it. However, a partial payment does not mean your loan will be current and any partial payment you make will not prevent the lender from being able to escalate your hard money loan from \u201cpast due\u201d status to \u201cin default.\u201d<\/p>\n<ul>\n<li>\n<h2><strong>Loan in Default<\/strong><\/h2>\n<\/li>\n<\/ul>\n<p>It is in your best interest to always communicate with your hard money lender and provide details on your plan to bring your loan current. For example, if you signed a contract with a buyer on your flipped property and are waiting to close escrow, let your hard money lender know as soon as possible. Or, if you are expecting funds from another source to pay your account in full, let your lender know when those funds are expected to arrive in your account. The takeaway is to be transparent with your lender.<\/p>\n<h2><strong>Have Questions About <em>Hard Money Loans in Los Angeles<\/em>? Contact PB Financial Group Today<\/strong><\/h2>\n<p>PB Financial Group is a premier direct hard money, private money and bridge lender, who has been providing quick funding since 2006 and have funded over 2700 hard money\/private money loans. Our objective is to work to satisfy your financing needs on important real estate projects throughout California in an efficient and effective manner. To schedule a consultation or for further information please contact PB Financial Group at <a href=\"tel:8777003707\"><strong>877.700.3707 <\/strong><\/a>or visit <a href=\"https:\/\/www.CalHardMoney.com\">www.CalHardMoney.com<\/a> to learn more.<\/p>\n<p><strong>PB Financial NMLS #357614\/DRE #01522495<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In an ideal world, 100 percent of fix-and-flip projects would run smoothly from start to finish with the flipper enjoying a large profit at the end of the project. However,&#8230;<\/p>\n","protected":false},"author":2,"featured_media":1239,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[3,81],"tags":[142,37],"class_list":["post-1229","post","type-post","status-publish","format-standard","has-post-thumbnail","category-blog","category-hard-money-loans","tag-hard-money-lenders-on-los-angeles","tag-hard-money-loans-in-los-angeles"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Ramifications of Late Payment on Your Hard Money Loan<\/title>\n<meta name=\"description\" content=\"To explore more on ramifications of Late Payment on Your Hard Money Loan. 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