San Bernardino County Private Money Lenders for Real Estate Investors
Seeking a private money loan secured by real estate in San Bernardino County? On this page you'll find a list of direct private money lending companies that offer fast funding for an San Bernardino County property purchase, refinance, or equity cash out in 1st lien position. Private money loans are for short term (3-24 months) and primarily qualify based on equity in the subject property, at least 30% for most lenders. So you'll need a 30%+ down payment for a purchase, and for a refinance, the maximum loan-to-value is 70%.Searching...
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Diversified Mortgage
Multifamily Bridge Loans only. Interest Rates are 8.5% for 4-year term, 8.25% for 2 years, 7.95% for 1 year.
PrideCo Loans Inc.
Family Office Hard Money Lender for Multifamily and Residential Investment Properties
California Private Money Interest Rates
According to the private money loan documents software company, Lightning Docs, the average interest rate for California private money loans in the 4th quarter of 2023 was 11.31%. The average loan amount was $626,915. These stats are the average of 884 short-term loans (including bridge, rehab, and ground-up construction) funded for investment properties in California between October 1, 2023 and December 31, 2023 by multiple private lending companies that use Lightning Docs as their preferred software provider to prepare loan documents.
According to private lending data provider, Analytics Logics, the average interest rate for California private money loans in the 4th quarter of 2023 was 10.61%. Lenders charged an average of 1.9% points (origination fee). The average LTV (loan-to-value) for private money loans in California was 63%, and the average loan amount was $753,004. These stats are the average of all the loans which were funded between October 1, 2023 and December 31, 2023 by the many private lenders who use Liquid Logics’ loan origination software to manage their lending operations.
About Private Money Lending in California
California has lots of “private money” and lots of professional private money lending companies that offer short-term loans secured by real estate. It’s mainly for investment properties, but California has some unique laws that enable private lenders to fund loans secured by a borrower’s primary residence. Here are the typical private money lending guidelines for most lenders in California:
- Loan Amounts: $50,000 to $20,000,000
- Interest Rates: 9% to 13%
- Origination Fee: 1 to 3 points
- Maximum LTV for Senior (1st) Lien: Up to 70%
- Maximum CLTV for Junior Liens: Up to 65%
- Lien Position: 1st, 2nd or 3rd
- 2nd mortgages are common in California
- Loan Term: 1 month to 5 years
- Most private money lenders max out at 24 months
- Most lenders have a 3-month minimum term (interest guarantee)
- Payment Type: Interest-only
- Few private lenders in California amortize all of their loans
Funded Private Money Loans in San Bernardino County
Private Money Loan for Single-Family Residence in Rancho Cucamonga, California
$820,000
Karpe Real Estate Center, a direct private lender for Central California real estate, funded an $820,000 1st lien position private money loan for the acquisition of a single-family home in Rancho Cucamonga, California. We funded 68% of the $1,200,000 purchase price, while the Borrower contributed 32% cash at closing. They were purchasing the property for a family member to live in on a long-term lease. They owed back taxes and solar panel lease payments on the property which were paid off by our loan. The Borrower went with a private money loan for speed and to clean up the tax and solar situation. They plan to continue leasing the property and will eventually refinance with a conventional loan as an exit strategy. The subject property was in excellent condition and tenant-occupied at closing. It is approximately 3,273 square feet, set in a 21,750-square-foot lot. The Borrower had average credit. The interest rate was 10.50%. The loan term was set at 36 months. This private money loan was funded in June 2023.