Hard Money Lender California

David Di Natale Uncategorized

California Hard Money Lender

Video on obtaining a California Hard Money Loan

Are you looking for a California private money lender who can offer low rates, close quickly, and not require any income docs or minimum credit score?

If so, Capital Funding Financial is the perfect solution for you.

Capital Funding Financial specializes in asset based private money loans on non-owner occupied investment properties nationwide particularly in states such as California. Capital Funding Financial is backed by a Family Office with over 1,000 Single Family Developments built across the United States and over 250 Million deployed in loans.

If you are a real estate investor, developer, mortgage broker, or individual in California who needs a FAST, RELIABLE, & HONEST PARTNER for rental investment, commercial, or multi-family properties… Contact us today for a complimentary consultation.

We would like to provide you a pre-approval letter and soft quote for your particular scenario.

 

#1 Hard Money Lender in California

California Hard Money Lender

How to find the lowest rate for a hard money lender in California

RATES STARTING AT 6.99%*+ ON HARD MONEY LOANS, 4.25%+ ON RENTAL INVESTMENT LOANS, AND 6.99%+ ON FIX AND FLIP LOANS!

LOW ORIGINATION FEES STARTING AT 1.50% (can be reduced with a rate adjustment)

1-3 YEAR TERM INTEREST ONLY 

UP TO 80% LTV!

UP TO 90% LTC!

NO PREPAYMENT PENALTY* 

QUICK & EASY CLOSINGS IN LESS THAN 7-10 DAYS

NO VERIFIED INCOME DOCS REQUIRED OR TAX RETURNS NEEDED

MINIMUM LOAN AMOUNT OF $100,000 UP TO 25 MILLION

LENDING AVAILABLE NATIONWIDE ON COMMERCIAL & SINGLE FAMILY NON OWNER OCCUPIED PROPERTIES

APPLY NOW & GET PRE-APPROVED TODAY

 

 

Or Call Us At 866-999-2011

 

What is a hard money loan?

A hard money loan is a loan based primarily on the value of the property and not on the income or credit of the borrower. Where asset based lenders aka hard money lenders in California focus primarily on the value of the asset used as collateral for the loan traditional banks and lenders focus chiefly on the credit and income of the borrower in making their decision on whether to extend credit. Furthermore, where traditional loans are generally for 15–30 year durations, hard money loans are used as a temporary alternative (1–3 years usually) as a bridge to acquire a property, rehab, stabilize it, and have it ready to be sold or refinanced. Hard money loans are provided to all asset classes ranging from commercial, retail, office, industrial, multi–family, or single family residential homes. Hard Money loans are similar to loans on chattel in other countries but in the US they are primarily associated with real estate loans based primarily on the asset value.

Why choose a California hard money loan over a conventional loan?

(1) Quick Funding– conventional banks take the absolute minimum of 30-45 days to finance an individual family residential loan and any where between 60–90 days to finance a commercial loan. Whereas, a California hard money loan by Capital Funding Financial is generally funded within 5-10 days. 

(2) The Property Needs Work– due to the conventional bank‘s very conservative underwriting guidelines, most will not lend on properties needing repair. However, a private money lender will be happy to loan on a property that either lacks cash flow or needs upgrades.

(3) Not based on credit or income– Traditional banks rely heavily on a borrower’s credit score, reported income, and the borrower’s ability to repay the debt. As a result, traditional banks turn down even strong income borrowers such as doctors, lawyers, and solicitors who have high incomes but also have a lot of debt. So, there is a key role that private lenders such as Capital Funding Financial play in lending to borrowers based on the asset value versus the debt to income of the individual borrower.

What type of properties qualify for Hard Money Loans?

  • Single Family (Investment)
  • Duplex, Triplex, Quadplex
  • Large Developments
  • Condo Conversions
  • Multi-Family Properties
  • Mixed-Use Properties
  • Commercial Properties (Office, Retail, Industrial)

How long is the term of the hard money loan?

Typically hard money loans or bridge loans are 12 months. However, Capital Funding Financial offers hard money loans for up to 36 months (24 month term with up to a 12 month extension).

How fast can hard money loans close?

In some cases, Capital Funding Financial can close within 48 hours where title, valuation, and insurance are in place! The average turn around time is 3 to 7 business days.

How can I qualify for a hard money loan?

Simple… you just need equity in your property if you are refinancing OR if you are purchasing you will need to put down at least 15 – 20%. It is common practice to have a entity to purchase the property in to ensure it is for “business/commercial purpose.”

Are Hard Money Loans a Good Idea?

Yes… hard money loans allow real estate investors the flexibility to close quickly without having to go through a long and extensive underwriting process.

How do Hard Money Loans Work?

Hard money loans focus solely on the ratio of the loan amount to the value of the property. The higher the leverage the more the risk, whereas the lower the leverage the safer the transaction.

What is the average interest rate on hard money loans?

Most hard money loans range from 10% – 12% interest rates. However, Capital Funding Financial hard money loan rates start at 6.99%.

Do hard money lenders require a down payment?

On purchase transactions, yes. At least 10% is required.

Here is what our California customers say about us:

WHAT LOAN DOCUMENTATION DO YOU NEED TO QUALFY FOR A HARD MONEY LOAN IN CALIFORNIA?

For Purchase Transactions:

  • Loan Application & Disclosures
  • Driver’s License or Passport (ITIN number if you are a Foreign National)
  • Purchase Agreement and any addendum(s)
  • Proof of Earnest Money Deposit with check or wire receipt
  • 2 Months Bank Statements to show the necessary cash to close and liquidity
  • Entity Docs – Articles of organization, Operating agreement or Bylaws, EIN #, CDD Form, Corporate Resolution
  • ACH Setup Form
  • Title Commitment, Survey, HOA/Condo Questionnaire (if applicable), E&O, Wire Instructions, Confirmation of GAP Coverage, CPL, Draft Deed, HUD
  • Evidence of Insurance – RCE/Insurable Value Required for Dwelling Coverage and 6 Months Loss of Rent Coverage
  • Appraisal Payment (Appraisal or BPO to be Ordered by Capital Funding Financial) – If you need to rush we can waive this condition if the equity is there! 
  • Lease Agreement (if applicable)

For Refinance Transactions:

  • Loan Application & Disclosures
  • Driver’s License or Passport (ITIN number if you are a Foreign National)
  • Payoff Statement or Mortgage Statement (if applicable)
  • 1 Months Bank Statement to show current liquidity
  • Entity Docs – Articles of organization, Operating agreement or Bylaws, EIN #, CDD Form, Corporate Resolution
  • ACH Setup Form
  • Title Commitment, Survey, HOA/Condo Questionnaire (if applicable), E&O, Wire Instructions, Confirmation of GAP Coverage, CPL, HUD
  • Evidence of Insurance – RCE/Insurable Value Required for Dwelling Coverage and 6 Months Loss of Rent Coverage
  • Appraisal Payment (Appraisal or BPO to be Ordered by Capital Funding Financial) – If you need to rush we can waive this condition if the equity is there! 
  • Lease Agreement (if applicable)

HOW LONG DOES THE HARD MONEY LOAN PROCESS TAKE TO CLOSE IN CALIFORNIA?

Once we have received the Appraisal, Title Commitment, and Insurance we will the loan to Final Underwriting. Upon review of the loan file by our Underwriter, we will submit to Legal for Loan Documents pending any Clear to Close Conditions.

At Capital Funding Financial, we close loans in 1/3 of the time it takes to close a conventional mortgage loan! Our quick and easy loan process eliminates the stress and hassle that has plagued the mortgage lending industry for years. You will be able to leverage your capital, grow your portfolio, and enjoy better cash flow using Capital Funding Financials’ hard money loan program!

We provide hard money loans throughout the California Metropolitan Statistical Area (MSA) including but not limited to: Los Angeles, San Diego, San Jose, Sacramento, San Francisco, Santa Barbara.

If you’re in need of a hard money loan for a rehab project, fix & flip, or rental investment loan, please contact us today at 954-320-0242 or toll free at 1–866–695–0092 or visit Hard Money Loan for more info.