Pacifica Hard Money Lenders

A: Each month, the interest is added to your loan balance. You only repay the loan when you sell the house or when the loan becomes due (such as after you pass away).

A: A hard money real estate loan is a loan mostly secured by the value and equity in the property. Rather than approval being based on a lot of documents on the borrower’s income or their credit report, approval is decided on the property’s value and the strength of the loan agreement. Pacifica borrowers can turn to a hard money lender for more flexibility than a conventional bank will allow when they need a quick closing or if they know they won’t qualify for a traditional mortgage loan.

A: Approvals on hard money loans usually occur faster than when applying for a traditional mortgage since it’s decided on the property value instead of an investigation into the borrower’s income and finances. How fast you get funding depends on when the appraisal is finished and info on the title report. Pacifica borrowers looking for speed and efficiency will often rely on a private money loan.

A: Interest rates and terms are different than what banks usually offer, and are based on the type of property, its loan-to-value ratio, and how the loan agreement is structured. Hard money loans are usually short-term, with approval decided on the real estate’s value and equity, not a stack of financial documents on the borrower. Private money loans provide increased flexibility and a simpler approval process. Interest rates and terms are different than with traditional long-term mortgages. Pacifica hard money lenders usually focus on the property’s condition, the borrower’s equity, and their plans for exiting the investment.

A: Yes. There is no need to show income verification, which is why people who wouldn’t qualify for a bank loan seek out a reputable hard money lender. Approval is largely granted on the equity value of the property and how strong the loan agreement is. The self-employed, those with an up-and-down income, and people with bad credit can often still qualify. Each hard money loan is assessed on its own merits, an evaluation of that particular property and the structure of the loan itself.

A: Independent Lending is often relied on due to our experience, open and honest communication, and straightforward lending approach. We explain every financing option to Pacifica borrowers, and structure our private money loans to meet each applicant’s needs, including their time constraints. We keep the process from beginning to end as simple as possible and promise full transparency.