Los Angeles Hard Money Lenders for Real Estate Investors
Here is a list of hard money lenders for residential and commercial real estate throughout Los Angeles, including Long Beach, West LA, San Fernando Valley, DTLA, Beverly Hills, Santa Monica, Glendale and other areas. Hard money loans are a great short-term solution for Los Angeles property investors who either don’t qualify for a traditional mortgage or just need to close a deal fast. Most hard money loans are 12 months, but some lenders offer a longer term.
In May 2019, a real estate investor approached us with a fantastic deal that required transactional funding for a double close wholesale transaction. The subject property is a single family residence in the sought-after Atwater Village neighborhood of Los Angeles. It was an opportunity that needed action taken immediately before the deal was lost. This was a no-brainer for us because the investor already had an end-buyer lined up, and it was easy to see the value in the property. In just two days, we provided 100% financing on the purchase of $430,000. Our unique transactional funding product has an added bonus - if the borrower pays off our loan within 30 days, we will refund them 1 point (origination fee) and a portion of the loan processing fees. The cherry on top for our new borrower client was the speed of the loan and the refund on-top of that.
Equity Cash Out Hard Money Loan for Residential Land in LA
TaliMar Financial funded a $130,000 cash out refinance of a R1 residential lot in Los Angeles, close to Universal Studios. The Borrower purchased the lot over 12 months prior and had been working with the City to obtain building plan approval for a single family home. The Borrower requested the cash out refinance after identifying another investment opportunity. The funds will be used to acquire the new investment opportunity. We quickly underwrote the loan request, offered aggressive financing, and closed in less than 10 business days. This hard money loan was funded in March 2019.
Private Construction Loan for 2 Custom Homes in Huntington Beach
Carlyle Capital funded a $1.3 million ground-up construction loan for a residential property in Huntington Beach, CA. The owners purchased one large lot and plan to develop it into two separate properties, side by side. The $1.3 million in funding was needed to begin construction on one of the two properties. An additional $1.4 million of funding was secured for the second lot through Carlyle Capital as well. The developers plan on creating two properties that are both modern yet fit into the aesthetic of the neighborhood seamlessly. The piece of property is a diamond in the rough, right in the heart of beautiful Huntington Beach, a few short miles from iconic Surf City, USA. The interest rate was 8%, LTC was 90%, ARV was 65% and the loan term was 12 months.