Palm Springs Hard Money Lenders for Real Estate Investors
Here is a list of hard money lenders for residential and commercial real estate in the Palm Springs metro area, including Cathedral City, Palm Desert, Indio, Thousand Palms, La Quinta and other areas. Hard money loans are a great short-term solution for Palm Springs 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.
Hard money loan secured by a 2nd trust deed on a residential property in Riverside County, CA. The subject property is a 4 bedroom, 2 bath home in a quaint "home away from home" area known as Mountain Center, which is just a short 30 minute drive from Palm Desert. The Borrower needed the funds for working capital in his business. The home is his primary residence, worth around $225K with a $139K 1st mortgage balance. The combined LV is 75%. The interest rate is 15% (25% APR) and the term is 1 year. Nationwide was able to Fund this loan in just 1 week. It was closed in July 2014.