We specialize in California hard money loans, and are always looking to add products to our offerings. We recently have added a straight purchase loan that will finance as much as 90% of the purchase price on residential investment property in California.
While we have a wide range of products, including loans for rehab projects that base lending on the after repair value, or ARV, and long term (up to 30 years) programs, many investors are looking for the maximum leverage possible on a short term bridge loan situation. That is where we can offer up to 90% of purchase price hard money financing.
These high leverage loans are meant to be bridge loans. Many rehabbers will use them for the acquisition, and then use cash out of pocket for the rehab rather than dealing with a fund control situation. We can put together terms for 6 months and no penalty for early payoff, or for 12 months - with four months of guaranteed interest. In addition, extensions are typically available should they be required at the end of the term.
While most of our programs are not credit sensitive, to get to the 90% level we do require a minimum credit score of 640 on this hard money loan product. In addition, we will need to document 3 months worth of payment reserves in the bank. On loans of over $1mm, there are some additional requirements with regards to the amount of reserves, but the application process is still swift and uncomplicated.
These 90% loan to value/loan to purchase price hard money products are only for purchases. We are typically capping out at a max of around 75% for refinances, although in some situations or with additional collateral we can potentially get more aggressive.
If you are looking for a California hard money loan, give us a call today at 877 462 3422 to discuss the options we can provide. We have many products and can be creative with regards to structure. We do not typically work with banks, but rather with private individuals, funds and fund managers or groups of investors. Due to the way we source fundings we have a lot of flexibility and the ability to offer many products that others may not have access to. Call us today to see how we can help you finance your real estate transaction!