Santa Barbara Private Money Lenders for Real Estate Investors
Seeking a private money loan secured by real estate in the Santa Barbara metro area? On this page you'll find a list of direct private money lending companies that offer fast funding for a Santa Barbara 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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SDC Capital
Family Office Lender. No 3rd-party appraisal (typically). Soft Money Terms in 1st or 2nd Lien Position.
PrideCo Loans Inc.
Family Office Hard Money Lender for Multifamily and Residential Investment Properties
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.
Select a Metro Area
California is a large state, and many private lending companies focus on particular metropolitan areas. Filter your search by selecting a metro area:
Northern California: SF Bay Area | Sacramento | Lake Tahoe
Southern California: Los Angeles | San Diego | Orange County | Riverside County | San Bernardino County | Santa Barbara
Central California: Central Valley | Bakersfield | Fresno
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 1st quarter of 2024 was 11.23%. The average loan amount was $659,373. These stats are the average of 877 short-term loans (including bridge, rehab, and ground-up construction) funded for investment properties in California between January 1, 2024 and March 31, 2024 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 1st quarter of 2024 was 10.69%. Lenders charged an average of 1.4% points (origination fee). The average LTV (loan-to-value) for private money loans in California was 64%, and the average loan amount was $808,910. These stats are the average of all the loans which were funded between January 1, 2024 and March 31, 2024 by the many private lenders who use Liquid Logics’ loan origination software to manage their lending operations.
Top 10 California Private Lenders
According to Forecasaâ„¢, here are the Top 10 Private Lenders ranked by the number of private mortgage loans originated in California in the last 12 months from March 2024.
- Kiavi
- Anchor Loans
- Val Chris Investment Inc
- Center Street Lending
- Conventus LLC
- Easy Street Capital
- Provident Trust Group
- Merchants Mortgage and Trust Corporation
- Fundloans Capital
- Genesis Capital
Forecasaâ„¢ provides analytics data for California private lending on a quarterly basis. You’ll find their top lenders data for many other states on our platform.
California Private Money Lending Guidelines
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
Private Money Loan Transactions in Santa Barbara County
4th Mortgage Private Money Loan for SFR in Santa Ynez, California
$77,000
The Brookline Group, a direct private money lender, provided a $77,000 4th trust deed equity cash-out loan secured by an owner-occupied single-family home in Santa Ynez, Santa Barbara County, CA. The Borrower had an immediate need for the cash to pay off a debt related to his business. The 1st mortgage is a $190,000 institutional loan. We have a 2nd mortgage on the property with a balance of $166,000, and the 3rd mortgage is a $75,000 line of credit. We already had a relationship with the Borrower and are very familiar with the subject property. We didn’t need to do a formal appraisal. A conservative valuation was $1,800,000 so the total of all 4 mortgages was less than 30% combined loan-to-value. This loan was funded in just 4 days. The Borrower called on a Monday night and received the funds on Friday. The loan term was set at 12 months and the Borrower plans to pay off with earning from his business. This private mortgage was funded in July 2019.