{"id":2683,"date":"2021-01-08T22:50:03","date_gmt":"2021-01-08T22:50:03","guid":{"rendered":"https:\/\/www.coastalcapital.com\/?p=2683"},"modified":"2021-12-17T21:49:23","modified_gmt":"2021-12-17T21:49:23","slug":"tenants-not-paying-rent-due-to-covid-19-look-to-hard-money-loans","status":"publish","type":"post","link":"https:\/\/www.coastalcapital.com\/tenants-not-paying-rent-due-to-covid-19-look-to-hard-money-loans\/","title":{"rendered":"Tenants Not Paying Rent Due to COVID-19? Look to Hard-Money Loans"},"content":{"rendered":"\n<h2>A hard money loan can provide quick relief<\/h2>\n\n\n\n<p>Real estate is interconnected with so many other industries, it\u2019s not surprising that the real estate market is going through some ups and downs during COVID-19. Some landlords are finding themselves in tight spots when renters can\u2019t keep up with their monthly payments. If you find yourself in such a situation, you might be able to negotiate with your mortgage lender, but many property owners are finding this to be a dead end after following a long rabbit hole. Fortunately, hard-money loans offer a viable alternative.<\/p>\n\n\n\n<h2>Especially in California landlords are facing challenges<\/h2>\n\n\n\n<p>Due to zealous restrictions, approximately&nbsp;<a aria-label=\"undefined (opens in a new tab)\" href=\"https:\/\/www.latimes.com\/projects\/california-coronavirus-cases-tracking-outbreak\/unemployment\/\" target=\"_blank\" rel=\"noreferrer noopener\">3 million<\/a>&nbsp;California residents are unemployed, and about&nbsp;<a aria-label=\"undefined (opens in a new tab)\" href=\"https:\/\/ternercenter.berkeley.edu\/blog\/covid-19-and-vulnerable-renters-california\" target=\"_blank\" rel=\"noreferrer noopener\">1 million of those are renters<\/a>. This naturally impacts their ability to pay their rent on time and in full. With about one in seven households struggling to pay their rent, many landlords are seeing the impact. Even though the unemployment rate is improving, it\u2019s still in the double digits. Many tenants are still struggling to keep up.<\/p>\n\n\n\n<p>For landlords with commercial tenants, it depends on the types of properties you own. For example, many bars, restaurants, and salons are suffering right now.  They simply are not bring in the same revenue as before. However, if your properties are home to essential businesses that are thriving during this time, collecting rent payments might not be an issue.<\/p>\n\n\n\n<h2>Tenant protections in California<\/h2>\n\n\n\n<p>The recent tenant and landlord protection&nbsp;<a aria-label=\"undefined (opens in a new tab)\" href=\"https:\/\/www.gov.ca.gov\/2020\/08\/31\/governor-newsom-signs-statewide-covid-19-tenant-and-landlord-protection-legislation\/\" target=\"_blank\" rel=\"noreferrer noopener\">legislation<\/a>&nbsp;prevents landlords from evicting tenants through Feb. 21, 2021.  The law says that missed rent payments due to COVID-19 but how can you verify? Between Sept. 1, 2020, and Jan. 31, 2021, tenants must pay at least 25 percent of their rent to qualify for this protection.  For most property owners, that\u2019s not enough. It\u2019s true that tenants aren\u2019t completely off the hook\u2014landlords can start recovering debt in March. But what are landlords to do about the months in between?<\/p>\n\n\n\n<p>In addition any landlords are lowering rents for a period of time for existing tenants and offering discounts&nbsp;in order to entice new tenants to rent vacant spaces. Incentives include free rent for one month, free parking, and more. Such offers might get new tenants in the door or keep existing renters in the building. However these types of concessions put a dent in landlords\u2019 wallets.<\/p>\n\n\n\n<h2>How a hard money loan can help during the COVID-19 pandemic<\/h2>\n\n\n\n<p>Hard money loans are based on your equity in the property, not on your personal financial history or credit score. This means that if you have enough equity, you can get a hard-money loan to cover the gap.  Even if you can\u2019t secure a traditional bank loan with enough equity you can get cash in a week.<\/p>\n\n\n\n<p>These trust deeds are designed to&nbsp;provide short-term capital to help you cover the mortgage and related expenses until you\u2019re able to generate more rental revenue. Most importantly hard money loans enable property owners to keep current on their mortgages, avoiding expensive late fees and expensive default interest charges.  Often the costs with obtaining a small hard money loan far outweigh the costs of going into default on a property.<\/p>\n\n\n\n<h2>Coastal Capital Group is here for you<\/h2>\n\n\n\n<p>If you have tenants who aren\u2019t able to keep up with their rent, Coastal Capital allows you to use your equity to secure cash. Hard money loans close fast\u2014think days, not weeks\u2014so you can keep up with your monthly payments even if your renters can\u2019t. For more information and to learn more please <a href=\"https:\/\/www.coastalcapital.com\/borrowers\/\" target=\"_blank\" aria-label=\"undefined (opens in a new tab)\" rel=\"noreferrer noopener\">Apply today<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>A hard money loan can provide quick relief Real estate is interconnected with so many other industries, it\u2019s not surprising that the real estate market is going through some ups and downs during COVID-19. Some landlords are finding themselves in tight spots when renters can\u2019t keep up with their monthly payments. If you find yourself [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2695,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[82,90,93,88,94,89,66,92,91],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v16.0.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Tenants Not Paying Rent Due to COVID-19? Look to Hard-Money Loans - Coastal Capital<\/title>\n<meta name=\"description\" content=\"Why You Should Use A Hard Money Loan In California To Get Through The COIVD-19 Pandemic Rent Moratorium To Save Money &amp; Your Property\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.coastalcapital.com\/tenants-not-paying-rent-due-to-covid-19-look-to-hard-money-loans\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tenants Not Paying Rent Due to COVID-19? 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