Hard Money Loans

A hard money loan is a short-term, asset-based loan, typically secured by real estate, and issued by private lenders or investment groups rather than traditional banks.

Real estate investors use these loans to purchase, improve a property or refinance a loan, that is tenant occupied. These loans are also considered, non-owner occupied.

These loans are also used by:

• Owner - occupied (owners who live in their home) are considered under certain circumstances.
• Owner - occupied borrowers who live in their home and are using the funds from the loan for a business purpose, such as to start or expand a home business.

Hard money loans are:

• Short-term: These loans are designed to be paid back quickly, typically ranging from a few months to a few years (e.g., 6-36 months)
• Asset-based: The loan approval is primarily based on the value of the collateral (usually the property itself), rather than the borrower's credit history and income.
• They carry higher risk and higher cost: Due to the faster approval process and less stringent underwriting compared to traditional mortgages, hard money loans typically come with higher interest rates and fees.
• These loans are issued by Private Lenders: Hard money lenders are usually private individuals or companies specializing in this type of financing, unlike traditional banks or credit unions.

Common Uses: Hard money loans are popular among real estate investors, especially those involved in:

• Fix-and-flip projects: Buying properties, renovating them, and quickly reselling them for a profit.
• Bridge financing: Providing temporary funding until a longer-term loan or sale can be finalized.
• Acquiring distressed properties or those with unique characteristics that might not qualify for traditional loans.
• Land acquisition and development.
  Commercial property deals.

Key differences from traditional mortgages:

• Speed: Hard money loans are known for quick approval and funding, often within days or weeks, compared to the weeks or months for traditional mortgages.
• Approval Criteria: Hard money lenders prioritize the property's value and potential, while traditional lenders focus more on the borrower's credit score, income, and debt-to-income ratio.
• Interest Rates: Hard money loans generally have higher interest rates (e.g., 8-15%) compared to traditional mortgages.
• Repayment Terms: Hard money loans have shorter repayment periods, usually six months to a few years, compared to 15-30 years for traditional mortgages.
• Down Payment: Hard money loans often require a larger down payment (typically 20-35%) than traditional mortgages if you are purchasing a property.
• Regulation: Hard money lenders are not subject to the same strict regulations as traditional lenders.

HIGHLIGHTS:

• Quotes Within 2-4 Hours
• Funding Within 5-7 Days
• Loan Amounts - $100,000 - $5,000,000
• 1st, 2nd, 3rd Position Loans
• Owner and Non-Owner Occupied Rental Property
• No Application Fee
• No Upfront Cost

EASY TO QUALIFY!

• No Income Documents
• No Bank Statements
• No Tax Returns
• No Appraisals
• Bad Credit Ok
• Currently in Foreclosure Ok

Click the button below to fill out the form and submit it.

I can get you a quote usually within 2-4 hours and the loan can close within 5-10 business days. 

** Note that the property must be located in California.

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Click To View The Required Documents

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Click To View The Loan Process

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I ALSO BUY PROPERTIES FOR CASH IN THE CASE WHERE A LOAN DOES NOT WORK

• I buy properties from homeowners who need to sell quickly for various reasons 
• I buy properties for cash or I take over the loan, paying back payments if any, to bring the loan current
• I give cash to the homeowner for part of their equity
• The homeowner makes no repairs (the property is purchased as is)
• The homeowner pays no sales commission or closing costs   __________________________________________________________________________________________________________________________________________________________________________________

Call, text or email me and I will do my best to help you!

Cheryl Gollnick (951) 318-6420

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