Site icon Sun Pacific Mortgage & Real Estate – Hard Money Lender Since 1988!

What is a Hard Money Loan?

What is a Hard Money Loan?

Hard Money loan qualifications are more forgiving than conventional or bank financing and the two basic qualifications are:

#1. Decent existing real estate equity or at least a 25% down payment if a purchase and
#2. An ability to repay the loan.

You could get up to 70-75% of the value of the property. If in Sonoma County, you could get up to 80%. Hard money loans are based largely on equity from real estate assets.

Basically considered all cash, such loans are extra strong and can be used to purchase or refinance fixer properties, bad credit borrowers, irregular income borrowers, large cash-out borrower, someone needing fast cash, short term Bridge loans, etc.

Owners still need to refinance their homes to make home improvements, buy a 2nd home or investment property and Buyers still want to buy even with tarnished profiles. Hard Money is the only option out there if they have been turned down by their favorite bank or mortgage broker or local Lender.

Many people have credit card rates that are 15% to 32% and Hard Money rates average 9% to12% with interest only payments. It will likely cost a bit more than a 30 year fixed rate loan and the rates are higher but it can get you the money you need you have been turned down elsewhere for a refinance or home loan.

We invite you to call us at 707-523-2099 and see how Hard Money will work for your situation. Having worked with many types of loan scenarios since 1988, we are quite experienced, we are honest, fast and our rates are pretty good!

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