Hard money lenders are private individuals or small firm that lend money based on the property that an individual is buying and it is not your credit score. These loans will cost you more than an average loan. Developers among other will use it to fund deals as you can borrow up to 100% of your purchase price. On the other, hand hard money lenders will suggest you to back up your loan with the real assets. If you know you can buy a property and turn it quickly at huge profit, and you cannot get a standard mortgage. It would be one way; most of the investors use hard money to get into the property having some quick fixes to raise their property value.
The good thing about California Hard Money Lender is that the loan is normally not based on credit score (like local lenders) or at least not on your credit worthiness (i.e. assets and income), now you can receive funding within a matter of days (normally about 7-14 days) rather than over a month, and you can get a loan on any piece of junk that you find. You also are not normally dealing with a processing team. You deal directly with an individual lender. If he or she says yes, then you have the loan. This is an advantage over, going through an entire process of loan committee or underwriting process.
Recently Funded Properties
Here is a list of recently funded properties
Monterey, CA-$400,000 loan amount. 2nd mortgage 35% CLTV. $400,000 loan amount forbusiness use cash-out.
Atherton, CA-$4,000,000 loan amount. 1st Mortgage. 65% LTV. $4,000,000 loan amount forbusiness use cash-out.
Atherton, CA-$585,000 loan amount. 2nd Mortgage. 30% CLTV. $585,000 loan amount forbusiness use cash-out
Atherton, CA-2.4 million loan amount. 1st Mortgage. 60% LTV 2.4 million loan amount forpurchase of SFR development/rehab project.
|Marin County, CA|
Marin County, CA – $300,000
Marin County, CA-$300,000 dollar loan amount. 2nd mortgage. 40% CLTV $300,000 loanamount for debt consolidation and tenant improvements.
|Menlo Park, CA|
Menlo Park, CA – $500,000
Menlo Park, CA-$500,000 dollar loan amount. 1st mortgage. 25% LTV $500,000 loan amountfor rehab and development project.
|Daly City, CA|
Daly City, CA – $500,000
Daly City, CA- $500,000 dollar loan amount. 1st mortgage. 55% LTV $500,000 loan amount for purchase of SFR rehab project.
|Palo Alto, CA|
Palo Alto, CA – $900,000
Palo Alto, CA-900,000 loan amount. 2nd Mortgage. 50% LTV on Non Flagged Hotel.
Orinda, CA – $945,000
Orinda, CA-945,000 loan amount. 1st Mortgage. 70% LTV on SFR rehab project.
|San Joaquin County, CA|
San Joaquin County, CA – $1,100,000
San Joaquin County, CA- 1.1 million loan amount. 1st Mortgage. 60% LTV 1.1 loan amount onstabilization of 87 Unit Mobile Home Park.
|San Francisco, CA|
San Francisco, CA – $2,000,000
San Francisco, CA- 2 million dollar loan amount. 1st mortgage. 50% LTV 2 million dollar loanamounts for purchase of SFR rehab project
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