If you do not qualify for a traditional prime or subprime loan on the property you wish to purchase, you may be eligible for a Los Angeles hard money loan. A hard money loan is secured by the value of the property. It is a short-term lending instrument, and is sometimes called a “bridge loan.”
There are many situations where it may make sense to apply for a hard money loan. They are ideal for short-term financing or turnaround scenarios, and are popular with real estate investors. Sometimes individual homebuyers use them as well.
Benefits of Hard Money Loans in Los Angeles
Why use a hard money loan instead of another type of subprime or prime loan?
- Hard money loans may be easier to qualify for if you are in a situation where your credit score is low.
- You can get a hard money loan approved quickly. The entire process is fast and streamlined compared to a traditional loan application, because the lender is focused on the property value, not your income, assets, or credit score. If you build a relationship with a lender, this can speed up the process even more in the future.
- Hard money loans are sometimes more flexible than loans offered through traditional lending institutions. This means that you may be able to negotiate the terms to get what you need.
- It is common for hard money loans to be structured without penalties for prepayment.
Pacshores Mortgage Can Help You Apply for a Los Angeles Hard Money Loan
At Pacshores Mortgage, we have well-established relationships with the top Los Angeles hard money lenders. We can leverage these relationships to offer exclusive discounts to our clients and get loans approved rapidly. Contact us today at 310-478-5005 if you are ready to get started with your hard money loan application.