Personal hard money Loans from Coastal La Jolla Funding

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 Real Estate 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.

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 personal personal hard money loan application.