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Hard Money Loans
Key Terms
- Commercial One Inc., hard money division, provide exceptional access to credit to buy real estate, often with loans with shorter terms. As portfolio Lender on case by cases,
- Use hard money loans for fix and flip projects, rental property investments, and commercial real estate projects.
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How hard money loans work in California;
A hard money loan enables the purchase of real estate, where the property is the security for the loan. That means if the home buyer defaults on the loan, the lender can force the sale of the home through foreclosure to get its money back. These particular loans are typically available to those who want to buy real estate fast and efficiently. Though hard money loans typically have higher interest rates, they are easier to obtain by those who have less-than-perfect credit but the income and means to repay the loan. A conventional loan process might not be a fit, either, leaving a borrower with limited options to get the funds they need.
Because they are asset-secured loans Hard Money Lenders are typically willing to lend to those who are higher risk borrowers. Unlike traditional conventional real estate loans, these loans are typically for a shorter amount of time, usually between 1 and 5 years. They work well as loans for rehabbing none-owner occupied homes , or commercial property or bridge loans until another, longer term loan is secured.
Lenders charge a bit more for hard money loans because there is more risk to them in lending. Rates differ significantly from one lender to the next, but they may be between 8% and 15%, but again, they are not meant to be used long term. Rather, the higher interest rate helps lenders earn some money on the transaction even though that loan may only last a few years. These lenders still look at credit qualifications, income, and other factors before making the decision to lend, but they have fewer and less stringent requirements than traditional mortgage loans do, and that makes these loans highly attractive for many reasons.
Always ready through the loan application to learn important information about each lender, such as their escrow requirements, loan to value ratio, which kinds of residential or commercial properties, are supported, and other issues connected to California real estate. Doing your research will help you feel confident that you’ve selected the right hard money lender for your needs.
While there are many loans out there, such as bridge loans, construction loans, traditional loans, flip loans, rehab loans, and more, you need to sort through the pros and cons of each one of these to decide if a hard money loan is a better fit for your needs. This way once you find a perfect property in Northern California or Southern California, you already know what’s needed to help you secure the funds for the purchase price. Each lender comes with their own requirements on docs, credit score, and more.
Hard Money Lender
- Interest rates 10 – 14.75%
- Loan-to-Cost up to 75%
- Interest only payments
- No income verification
- Instant term sheet
- Credit score 650+
- Get up to $25,000,000,
- above $25,000,000 on case by case only