About Hard Money Loans
Hard money Loans are private mortgage loans (Hard Money) for property owners facing foreclosure, possessing credit challenges, and those in need of immediate cash. It is unique financial product with quick application and loan-funding process to complete mortgages faster than most of traditional financial institution can offer. We arrange loans for land, residential, commercial, mixed-use and other property types.
Loan amounts range from $10,000 and into the millions and loans terms are from 3 to 24 month.
There seems to be a lot of confusion in California surrounding exactly what is meant by private money loans (also referred to as "hard money loans"). The basic idea of private money lending in Los Angeles is that private individuals who have money to invest choose to loan that cash, generally on real estate secured transactions, with the desire to receive a fair return (commensurate with risk) on their investment. The most important as a defining characteristic of private money lending in Los Angeles is the process and criteria by which the money is allocated to loans. Private money is quite different than institutional money in the following ways:
- With private money lenders in Los Angeles, there is generally greater flexibility with regard to the types of loans and circumstances under which money will be lent.
- The actual cash value of the property or project in los Angeles is generally more important to hard money lenders than the qualifications of the borrower.
- It is generally possible to process hard money loans within several days. Income ,credit and appraisals are often not required .
- The loans term is usually 3 to 24 month.
- Private money borrowers in Los Angeles are solid individuals or businesses that have circumstances or opportunities that do not fit well into the bank lending criteria, and require speed and flexibility.
