California owner occupied hard money loans are a unique niche these days. Many hard money lenders are not doing consumer purpose lending these days. That means they are not typically financing owner occupied properties via hard money loans. The reasons for this are many, but at the root of it is the guidelines and new laws put in place.
These new laws and requirements are in place to protect the consumer. The issue with hard money loans is that the regulations were written with banks in mind, not the hard money lenders. Although hard money lenders are not banks, we are still subject to the same rules, regulations and laws.
The good news for our clients, though, is that we have started wading back into California owner occupied hard money loans. We cannot help with every situation, but often times if there is equity in the property and a potential borrower is able to document income to demonstrate that they have the ability to repay the loan we can help. That is the key for these consumer purpose loans - the ability to repay must be documented.
We cannot take CPA letters, excel spreadsheets or the borrowers word to vouch for their ability to repay. We are able to work with creative ways to document income though. Bank statements is a good way we can help people. Of course tax returns and W-2's are another way, but we can also look at 1099's, social security income, trust income that is expected to continue and more. Ultimately we want to ensure that we are putting our clients in a position to succeed.
Our hard money loans for owner occupied properties can be made on many different property types. Single family residences, condos, townhomes, properties with acreage, we've even been able to help with loans on leased land in the past!
If you've had issues with the bank, give us a call to discuss your situation and see how we can help you. You can reach us at 877 462 3422, or you can visit our website to learn more about our California hard money loans.