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Corporate debtors often need liquidity yet might not qualify for standard real estate property loans. Loans which are collateralized through home collateral are called hard money loans. The “hard money lender” is the institution that specializes in this sort of loan. They rapidly evaluate the borrower and the property
, and are equipped to write cheques immediately to fulfill the liquidity requires of the customer.
Hard money lenders can usually be the last creditors to get their money back in bankruptcy proceedings and this is why they charge higher rates of interest, due to the much higher risk involved. Typically, such loans are capped at around two thirds of the most recent appraisal value for the home in repaired condition, generally quoted as an ARV (after-repair value). Sometimes this type of financing is called a bridge loan as well as the contract for which is written for short durations until the home owner can work out a more permanent solution for financing. So a higher proportion of the loans granted by hard money lenders are contested in court.
The high interest rate charged is to provide protection against the higher likelihood of default as well as the associated court costs with a default on a loan. The necessary interest rate may be so high that usury laws come into effect
, so many states and localities effectively ban hard money lenders from practicing.
So hard money lenders can be very local and segregated folks or small organizations because of this regulatory interference. This obscure market is overseen by a few private organizations which are usually just known to industry players like real-estate financiers.
Loan sharks sometimes abuse the legitimate lending process by charging exorbitant rates of interest and pretending to be genuine hard money lenders. The victims of these types of lenders tend to be desperately in require of quick cash, and unsophisticated consumers who may well not have the time to research the lenders or the technical understanding to know that they’ve signed their home as collateral to a 30% loan, perhaps with a quoted ARV lower than market, no prepayment allowed
, or even worse lending terms.
The usual interest rate on hard money loans can be as high as prime plus fifteen or even higher with five points on the borrowed funds. The local real-estate market for the specific home being lent on, local usury laws, bankruptcy laws, and how available credit is in the vicinity are factors a hard money lender will consider when giving a quote to a potential borrower. Many commercial real estate property developers know multiple local hard money lenders
, and can shop around to get access to lower rates, higher ARVs, and less onerous terms, however individuals hoping to refurbish and flip a real-estate investment should carefully research any person firm they consider financing with.
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It is clearly evident that the strain on front line social work is at breaking point. Children’s social work in particular is under enormous strain both from the pressures of inadequate funding and from a poorly trained and badly supported workforce.
Tackling this problem is no mean task and requires some serious rethinking on how to improve upon the quality and training of the workforce to ensure the effectiveness of frontline staff.
Over the past five years there has been an increasing number of highly skilled social work professionals
, with vast numbers of years of experience who have reached the point of burn-out. They have become disillusioned with an ever more demanding and difficult role, particularly in front line child protection work and, as such, have begun to leave the profession in alarming numbers. Therein lies the problem. There are insufficient high quality
, well trained and experienced qualified Social Workers coming through the ranks that are required to fill the increasing number of vacancies and thus leaving our vulnerable children at risk.
Last year it is estimated that there were around 1500 vacancies in front line child protection social work most of which tend to be concentrated in the most deprived areas of the UK in and around major inner city conurbations. Despite efforts to tackle this crisis, there are major concerns regarding the calibre and competency of newly Qualified Social Workers. It is clearly evident by virtue of the fact around 95% of social work graduates are not from one of the Russell Group Universities which indicates that Social Work is not deemed to be an attractive profession.
At Entrust Social Care Ltd, one of the UKs leading independent social work businesses, the majority of vacancies are in front-line child protection work and
, despite enhanced pay and benefits being offered, fewer and fewer social workers are prepared to carry out these highly demanding roles. The problem is further compounded in that those that are working in this sector are subject to such demanding and stressful expectations that the levels of long term absence through sickness is increasing all the time. In the past, there has generally been an adequate supply of locum social workers who would fill these vacancies on a temporary basis. However, over the past few years
, due to the gradual erosion of the benefits to be gained from working as a locum social worker, such as flexible working patterns, enhanced rates of pay limited company working etc. it has become increasingly difficult to fulfil these requirements and it does not appear that the situation is likely to improve any time soon. In fact, it is likely to get worse.
Should we therefore be revisiting how we recruit and train our social workers? Is it realistic to expect a twenty-one years old Social Work Graduate to move.
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