Hard Money Loans

Hard money 2nd mortgages from California Hard Money Direct are offered for both consumer and business purpose. 2nd mortgages are ideal for those who already have an 1st position existing low-interest bank loan and looking to obtain additional funding.

A bridge loan is basically just as the name would imply. A short-term loan whereby the property owner typically takes a loan against their existing property to complete the purchase of the new property. It is a short-term loan. As soon as the new property is purchased, the original property is sold at which time the loan is paid off.

Bridge loans are most used by investors sitting on lots of available equity. The equity can be from one of more properties. If the borrower is short of money to close on the new purchase, they tap into existing equity for a short-term bridge loan.

California Hard Money Direct offers commercial hard money loans for a multitude of property types. The most common would be multi-family, retail, office buildings and industrial. Borrowers can use our services for purchases or refinance loans.

California Hard Money Direct Offers Construction completion loans. Completion loans are offered when the borrower has already started construction and has advanced the project to a large degree. The borrower has reached the point where they need supplemental funds to complete the project. Oftentimes they find themselves in this dilemma because they have run into unforeseen issues or underestimated the total cost of the project from the start. Whatever the reason might be, if the numbers make sense, we will lend them the money.

Probates can get expensive. One way to effectively handle the cost are probate loans. A probate loan can take care of such matters as Mortgage expenses, property taxes, legal expenses to name a few.

There is no official definition of what exactly constitutes a reasonable expense during probate, but many have established case law to support them. In short, any expenses that are incurred by the personal representative while carrying out their duties should be considered reasonable and covered by the Estate.

This would include any costs associated with administering the Estate, such as:

• Funeral expenses
• Costs associated with marketing and selling the property
• Fees of any professionals who have been instructed, such as a Probate Specialist, a surveyor or appraiser
• Settling income or inheritance tax
• House clearance costs
• Gardening and house maintenance

Fix and flip loans also known as rehab loans can be structured in many ways. There is no set way of delineating a fix and flip loan. Every lender has a slightly different slant. However, the one thing they all have in common is they are short-term loans. They are designed for real estate investors to purchase properties with tremendous upside potential. The investor then modifies the look of the property either by cosmetic changes or grand scale changes. In many cases, the changes may include square footage increases. Once the changes have been made the concept is to sell the property for a worthwhile increase in price.

Investment property loans funded by California Hard Money Direct put investors in a position to be competitive when making offers. Regardless of whether it is a multi-family, single-family, apartment building or commercial property we can help. Hard money investment property loans most of the time are funded in a matter of 7-9 days. Minimal paperwork and personalized service.

Land loans can be offered in major metropolitan areas with large down payments. Typically, the down payment must be 40% to 50%. Lots surrounded by a lot of existing development will have the greatest potential for loan approval. The lot must be deemed very buildable.

Multi-family hard money loans are offered for several property types including apartment buildings, larger multiplex properties, duplex, triplex and fourplexes. The properties must be in California.

More and more borrowers these days are finding themselves unable to qualify for a bank loan. Not because their credit score is not high enough but because they have so many tax write-offs they cannot prove their financial wherewithal. Rather than go directly to a hard money loan there is sort of a midway point. This is called a non-QM or nonconforming loan. In this scenario, if the borrower can prove income through bank statements they likely will qualify. The bank statements show the flow of money coming in versus the amount of money going out. This method is used to determine debt versus income ratios. If the borrower has a good credit score and their debt to income ratios are at approximately 46% or better, a non-QM loan could be an excellent option. Interest rates for this type of program start at 4.99% and go up from there. The loans are offered for both non-owner as well as owner-occupied properties. These are for residential properties exclusively.

California Hard Money Direct is one of a handful of hard money lenders willing and able to offer owner occupied hard money loans. There are strict government guidelines we must follow to provide approval and funding. The biggest obstacle the borrower must overcome is being able to prove income. The borrowers can use W-2’s or tax returns. If the income is substantial enough that the debt-to-income ratios stay within federal regulations, chances are very good the loan will be granted. Down payment requirements are typically 30% to 35%

Private money loans from California Hard Money Direct are offered with a focus more on the equity in a property rather than other traditional factors.

Refinance hard money loans just may be the most popular loan we offer. It allows real estate investors to take cash out of a property and move it over to other investment opportunities. The opportunities might be other real estate but can me so much more. It might be business expansion or a myriad of other things.

California Hard Money Direct can facilitate getting cash out of non-owner investment properties or owner-occupied properties. They typically take between 7-9 days for non-owner. However, when it comes to owner-occupied it is a different story. Federal regulations dictate very specific criteria that must be met. As such these take on average 21 days or so.

It is virtually impossible to get a conventional bank to provide a reverse mortgage refinance. The simple reason is that the individual’s name is not on the title. Typically, the borrowers seeking our services have inherited a property already in a reverse mortgage. The first step they must take is to get the property out of the reverse mortgage and into their name. Once this step has been taken, if they plan on keeping the house, they can apply for a conventional loan.

Residential hard money loans from California Hard Money Direct offer fast funding for residential real estate purchases.

Subprime mortgages from California Hard Money Direct are higher interest mortgage loans available to those with “slightly flawed credit”.