Hard Money Loans & Lenders in Riverside, CA

WHY CALIFORNIA HARD MONEY DIRECT SHOULD BE YOUR FIRST CHOICE

When you are strapped for cash to fix and flip a property, make major construction improvements, obtain a land loan or if you are a real estate investor who must act quickly, you need to find a fast, reputable Riverside hard money lender. Look no further than California Hard Money Direct. We are a direct lender with a proven track record of providing fast, affordable commercial and non-owner occupied loans fast and at reasonable rates.  In the past, hard money lending had a bad reputation. This is because many of the people involved in the industry had ulterior motives, intending to foreclose on the properties involved. Fortunately, today’s market does not allow for this unscrupulous behavior.

HOW DOES A HARD MONEY LOAN WORK?

Getting hard money loans in Riverside today only requires that you have a piece of commercial or non-owner occupied property that you can use as collateral. Even if your credit is poor, you can be approved for this type of loan if you have sufficient equity in the piece of real estate. Generally, the borrower provides a large down payment instead of being required to go through credit checks and present extensive documentation. The typical loan is shorter term, ranging between two and five years and will carry higher interest than a conventional loan.

Because the loan you receive from a Riverside hard money lender will be funded by private investors and not conventional financial institutions, you may be found eligible even if you have already been rejected by a bank or credit union.

Getting hard money loans in Riverside is fast and easy. Just decide how much cash you need and what property you can put down as collateral. You will be asked to provide documentation about your credit history, including any foreclosures and short sales that will show up on your record. Although these are taken into consideration, most hard money lenders are more concerned about your ability to pay back the loan. Therefore, be sure to produce documentation that shows your assets and lays out your plan for repayment, including the option of applying for long-term financing at a later date.

WHY HARD MONEY LOANS ARE THE PREFERRED FINANCING OPTION

If you are a real estate investor, you know that conditions change in this industry in a flash. Getting hard money loans in Riverside can provide you with the fast cash you need when you need it. Best of all, you can be pre-approved in minutes and close ultra-quickly. Banks can put you through a long process clogged with red tape that can be particularly difficult for someone with an insufficient or poor credit history to navigate. Because hard money lending takes place thanks to private investors, you can leave the institutional bureaucracy behind.

HOW TO EARN APPROVAL FOR A CALIFORNIA HARD MONEY LOAN

It’s easy to be approved for a California hard money loan. Present documentation such as architectural plans, contractor budgets and bids for construction and repairs. Provide information about the neighborhood, including growth potential, safety and prices of nearby properties. Provide a history of past successes in real estate as well as your personal credit history. If possible, prove that you have 30 to 40 percent of the cost of the improvements you want to make on hand as hard money lenders do not want to be responsible for covering the entire project cost. Consult a lawyer regarding the contract and any personal liability you might be required to take on before signing a contract. Finally, stay in regular contact with the lender throughout the process, answering every inquiry and providing all requested documentation.

California Hard Money Direct is here to meet your Riverside hard money lender needs. Our loans are asset-based, not credit-based, and there is no income verification required. Regardless of any credit difficulties you may have had in the past, we will carefully review your complete application. When you succeed, it reflects positively on us. We want to be your full-service hard money lender in Riverside. Contact us today to get the fast and easy hard money lending process started