Hard money loans come in all shapes and sizes. One thing to keep in mind, however, when looking for Bay Area hard money lenders is the benefits of choosing a local firm to represent you.
The San Francisco Bay Area has a lot of sub markets. Locations that are not very far from each other distance wise can have a large gap between them in terms of value and desirability. Both of these factors impact decisions made when hard money lenders consider a deal.
Having someone represent you that knows the area well can help to ensure that your package is presented properly. A properly presented package is the first step in securing the most advantageous terms available.
While we talk about the most advantageous terms, however, we should qualify what that means within the confines of hard money lending. While single digit rates are available these days, typical hard money terms range from the low 10% range to the mid to high 12% range. To obtain single digit rates on a Bay Area hard money loan will take a combination of factors.
First the loan to value needs to be low. Typically speaking, the loan to value is going to have to be below 50% to secure single digit rates. In addition, the loan amount is typically going to also play a part in this. Low loan amounts under $100,000 are more difficult to leverage into single digit rates. Location of the property and how a borrower looks on paper also factor into the ability to obtain single digit rates.
For more information, please feel free to contact me directly at 877 462 3422. We are located in the San Francisco Bay Area, and have a lot of flexibility on our Bay Area hard money programs. We can help with residential hard money loans as well as commercial, land, rehab, multi-family and other lending requests secured by real property.
For more information with regards to our hard money lending programs, please visit our local hard money pages here.
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