Hard Money Loans
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How do Hard Money Loans Work?
A hard money loan is funded by private investors for a term of about 12 months. Sometimes the term can be extended to 2-5 years. The amount of money the borrower can receive from the lender depends on the value of the property rather than the borrowers’ credit.
A hard money loan is a good option when you need a loan for a short period or when you are not ready to go through a lengthy and tedious procedure required by banks. Hard money loans are perfect for the following situations:
The Best Home Loan Options in California
A hard money loan is an ideal solution for those who need to act quickly. If you want to refinance your home to a fixed rate, shorter mortgage term or cash-out refinance you can obtain a hard money loan for that purpose.
This type of loan helps to purchase a property for renovation before turning it into profit. Usually, investors buy, renovate, and sell a property within one year. Typically these loans are used to finance properties that are in poor condition. Fix and flip hard money loan is perfect both for experienced home flippers and for novices. Learn more.
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The Benefits of Hard Money Loans for Investors
The credit score is not a crucial factor. Hard money lenders look at the value and equity of the investment property rather than on credit score.
Flexibility and Speed
There is a short application period for a hard money loan. You can usually get a lot within two weeks after you have applied. Besides, if you run into some problems, there is typically a way to negotiate with a lender.
If you want to invest in multiple properties, it will be rather hard for you to get a conventional loan from a bank. To the contrary, hard money lenders are usually favorable to the multiple-property investors.
Hard Money Loan Process
Four Easy Steps to Your Success
Step 1 - Pre-Qualification
Talk to us and know your options. Various loan types require a different credit score.
Step 2 - Start a Program
We will help select the most suitable hard money loans in Los Angeles or other cities in California. We submit an application to the lender with your financial documentation.
Step 3 - Pre-Approval
Get a loan approval on the terms you want.
Step 4 - Closing
Your goal is achieved! You don’t have to spend years trying to save money while you live in a rented place. You can start investing in your own property!
How to Apply for a Hard Money Loan in California
The interest rates for hard money loans vary from case to case and from lender to lender. You may get lower rates in California because of the high competition between lenders.
Because hard money lenders risk more than banks when they lend the money, their interest rates are higher than regular loans. However, there are some standard requirements:
- 2-3 months of bank statements;
- purchase price and property location;
- experience of previous projects;
- renovation or construction budget (for fix and flip and construction loans).