Personal hard money Loan Definition:
A personal 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 personal hard money loans, are less costly than taking on a financial partners or losing the real estate opportunity altogether.
Who are Personal Hard Money Loans Ideal for?
Personal hard money real estate loans are ideal for borrowers who are unable to obtain funding through a conventional source. The properties or the borrowers are often clouded by legal or operational problems. Business personal hard money loan lenders can often help solve the problems and get the property repositioned for a conventional refinance.
Pre-qualifying for a personal hard money loan
Pre-qualifying with our personal hard money lender team for a hard money loan is easy, fast and getting started is just a click away. Either fill out our online application or phone our Director of Operations to see whether you qualify for a personal hard money loan.
Craig Cecilio
ph: (858) 456-2423
fax: (858) 225-3683
Click here for our Personal hard money loan application
Personal hard money Loan Lenders
All personal hard money loan lenders are different. The personal hard money loan lenders we refer clients
to will usually consider income producing properties such as apartments, condo/co-op conversions, retail/shopping/strip centers, mixed use properties, industrial, office buildings, hotels/motels, medical, mobile home parks and restaurants, as well as non-income producing properties such as land acquisition, development and construction, bank workouts, foreclosures and bankruptcies.
How long do personal hard money loans typically last?
Personal hard money loan terms are typically no longer than two to three years. The reason is simply that a longer term becomes too expensive for the borrower. With personal hard money loan lending, the goal is to have the borrower in and out of the personal hard money loan as quickly as possible. The personal hard money loan lender will analyze each transaction during the due diligence process for "good risk" -- to be sure that a property can be repositioned for conventional refinancing or sale within one or two years.
Business personal hard money Loan Equity
The amount of equity needed for a personal hard money loan depends on the quality of the real estate and the personal hard money loan lenders themselves. The personal hard money loan lenders of Coastal Coastal La Jolla Funding prefer at least 10% to 25% equity.
If you would like to apply for a personal hard money loan through the Coastal Coastal La Jolla Funding, click on our hard money loan application.
For a print version of our personal hard money loans, see our hard money personal loans print page.
For more information on our personal hard money loans, you may reach us at:
office phone: (858) 456-2423
office fax: (858) 225-3683
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