California Hard Money Loan -- Coastal La Jolla FundingCoastal La Jolla homepageCoastal La Jolla Funding is a California based lender that represents a multitude of private investors who specialize in funding California hard money loans. In addition to our expertise in California hard money loans, we also service bridge loans, construction loans and commercial real estate loans. Definition of a California Hard Money Loan: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 CriteriaLOAN-TO-VALUEResidential 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 ServiceCoastal 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 California hard money loanRepayment 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 more information on hard money loans, simply click on our Hard Money Loan page. |