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California hard money loans are any loans that are
made against existing mortgages of land within the state of California.
A California hard money loan can be used for building residential or commercial
units within the state of California. A hard money loan is a short-term bridge loan
that is used for acquisitions, turnaround situations, foreclosures and
bankruptcies. Interest rates, although high on business hard money loans in California,
are less costly than taking on a financial partners or losing the real
estate opportunity altogether.
California Hard Money Loan Terms and Criteria
LOAN-TO-VALUE
Residential Properties and Refis: Up to 100% financing available
Commercial Properties: Up to 75% financing available
TERMS:
Flexible loan term up to several years or more
PREPAYMENT ON CALIFORNIA HARD MONEY LOANS:
Hard money and subprime loans may be repaid at any time without penalty.
USE OF PROCEEDS:
Hard money loans and subprime loans may be used for the specific purpose stated during the loan application.
CALIFORNIA HARD MONEY LOAN TO VALUE:
Loan amounts can be up to 50-75% of the market value of the collateral, based on the estimated cash sale price given a 90-120 day marketing time. If the loan is used for renovation or construction, the loan amount can be based on the improved value, and would be disbursed in stages.
CALIFORNIA HARD MONEY RATES:
Rates vary from 12-18% per annum, interest only, depending upon collateral and loan structure. Internationally, rates vary from 12-21%, depending on country.
EQUITY:
In lieu of equity participation, a fee of 4%(U.S. only) of the loan amount may be included in the loan.
LOAN SIZE:
From $250,OOO to $20 Million nationally.
COLLATERAL:
Real estate and other fixed or liquid assets.
Coastal La Jolla Funding offers fast Turnaround and Great Service
Coastal La
Jolla Funding provides hard money loans in California that are uniquely
tailored to fit the specific needs of our clients.
Best of all, we works quickly and efficiently, often
providing secured California hard money loans in
the time it takes most brokers just to call back.
For our California hard money loans, Coastal La Jolla Funding normally lends
up to 80% of the land value. We can
loan on raw land, but as the process goes, the next step is entitlements
and permits.
Usually the value of a California
hard money loan is based on the "as is value" of the land or property and then the sell off value,
which is used in case the borrower defaults and the investor wants to
cash in the land. The security for a California hard money loan is always the value of the
land and that means the investor will hold the note or 1st trust deed
to the land. There are certain situations where we can secure 2nd trust
deeds, again based on loan to value.
Repayment on a Calfornia hard money loan
Repayment on a California hard money loan normally run up to 20 years,
although this will certainly differ based on loan specifics. Interest
rates on our standard California hard money loan is variable and individual loans
are quoted either at a discount or premium to our base lending rate. The
discounts and premiums primarily depend on your California hard money
land loan purpose and security coverage.
For more information on our California hard money loans, you may reach us at:
Office Phone: (858) 456-2423
Office fax: (858) 225-3683
For additional information or to apply for a California hard money loan through Coastal
La Jolla Funding, click on our California hard
money loan application.
For a printable version of our California hard money loan page, click on our California Hard Money Loan Print
page.
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