If you find yourself ineligible for a traditional prime or subprime loan for your desired property purchase, you might qualify for a hard money loan in California. This short-term lending option, secured by the property’s value, is often referred to as a “bridge loan.”
Numerous scenarios make applying for a hard money loan a practical choice, especially in short-term financing or turnaround situations, making them popular among real estate investors and occasionally used by individual homebuyers.
Advantages of a Hard Money Loan in California
Why opt for a hard money loan over other subprime or prime loan options?
- Hard money loans may be more accessible, especially if your credit score is low.
- The approval process for hard money loans is quick and streamlined compared to traditional loans, as lenders prioritize property value over income, assets, or credit score. Building a relationship with a lender can expedite future processes even more.
- Hard money loans often offer more flexibility compared to traditional lending institutions, allowing negotiation of terms to suit your needs.
- It’s common for hard money loans to be structured without penalties for prepayment.
Pacshores Mortgage: Your Partner for Hard Money Loans
At Pacshores Mortgage, we maintain strong relationships with top Los Angeles hard money lenders. Leveraging these connections allows us to provide exclusive discounts to clients and expedite loan approvals. To start your hard money loan application, contact us today at 310-478-5005.