Hard Money Loan Long Beach, CA

How does a hard money loan in Long Beach work?

Unlike traditional bank loans that require long, drawn-out, and confusing processes, hard money loans are simple, streamlined, and borrower-friendly. Hard money loans feature short-term agreements ranging between one and two years—meaning you’re never shackled down to decades-long conventional loans that keep you tied down and in debt.

Hard money loans are secured by real estate, so your credit score and financial history never play any part in your application approval. Like any other loan, you’ll have to make monthly payments for the duration of your Long Beach hard money loan.

The exact details of your Long Beach hard money loan will vary, but here are some of the loan terms we offer at Source Capital:

• Financing for amounts between $100,000 and $5,000,000
• No minimum credit score
• No prepayment penalties
• No “junk” fees
• Loans up to 65% LTV
• Origination fees from 2%
• Fixed interest rates starting at 8.99%

Hard money loans are about fast funding, fast closing, and reaping the entrepreneur-friendly benefits of both. Leave being tied down to a burdensome 10-year repayment plan in the past; when you work with Source Capital, we make sure you’re able to get your projects off the ground quickly and effectively. Our hard money loan structure eliminates the hassle-factor and keeps you on your pathway toward real estate success.

What properties can Long Beach hard money lenders finance?

Hard money loans can be issued for a variety of both residential and commercial properties in Long Beach, but it’s important to note that all eligible properties must be business-intended. 

If you’re looking for hard money loans in Long Beach, we offer up to $5,000,000 in funding for a sprawling variety of property types, including:

• Multi-family housing, including apartment buildings, condominium complexes, and planned communities
• Industrial spaces, including warehouses, manufacturing plants, and distribution centers
• Hospitality, including hotels, bread and breakfasts, and restaurant spaces
• Retail spaces, including strip malls, urban retail real estate, and regional malls
• Office space, including medical, business, and executive suites

How much does a hard money loan cost in Long Beach, CA?

The average hard money loan in Long Beach is $314,445, however the exact price of your unique hard money loan ultimately depends on the lender you choose and the property you’re interested in buying. The average hard money loan interest rate in Long Beach sits at 9.3%. At Source Capital, we boast above-average service for below-average rates. Our Long Beach hard money loan interest rates start at 8.99% and work to save you money in the long-haul.

The actual cost of your hard money loan depends on several factors, including:

• Loan amount: The interest you pay each month is a percentage of your total loan amount, so larger loans generally cost more.
• Loan duration: The shorter your loan duration is, the less interest you’ll pay over the life of the loan.
• Interest rate: While our competitive interest rates start at 8.99%, your interest rate may be as high as 11.99% in some cases. Higher rates mean you’re paying more interest, increasing your total loan cost.
• Origination fee: Our 2% origination fee also varies based on loan amount and duration, with higher fees increasing loan costs.

For both new and seasoned borrowers, Source Capital’s competitive rates in Long Beach make it possible to get the funding you need at a price that doesn’t break the bank or put your dreams on hold.

How can I get approved for a Long Beach hard money loan?

Worried about dealing with a lengthy application and approval process that could cost you the property of your dreams? Put those worries at ease by opting for a hard money loan. Source Capital’s equity-based approval process makes getting approved a total breeze. 

To get approved for a hard money loan in Long Beach, simply follow these steps:

• Fill out our hard money loan application
• Provide full details about the property and your forecasted plan
• Submit your application—we can often get back to you within 24 hours
• Upon acceptance, you will receive your funding between 7 and 10 days
• Make monthly repayments via mail, phone, or direct deposit after your loan is issued and agreement is signed

Applying for a Long Beach hard money loan is simple. Here’s what you’ll need to complete our easy online application:

• Your first and last name
• Your phone number
• Your email address
• The loan amount
• The purpose of the loan

Whether you’re looking for hard money lenders in Los Angeles or Orange County hard money loans, Source Capital makes it easy to apply and get approved within days.

Can I get a hard money loan in Long Beach, CA with bad credit?

If you’re looking to invest in real estate but have a troubled financial history, getting approved for a traditional bank loan can be next to impossible. Enter the hard money loan. Because these entrepreneur-friendly loans are secured by real estate, your past financial roadblocks and bad credit don’t matter.

When you partner with Source Capital, there is no minimum credit requirement to get approved for a hard money loan in Long Beach. And we don’t impose any income threshold standards either.  Rather than completing intrusive credit and background evaluations to assess your financial background, our Long Beach hard money lenders focus on your real property. Hard money loans are asset-based, meaning property, such as real estate, retirement accounts, home equity, or even cash, can be used as collateral in the event of default. 

We make it our mission to turn your commercial real estate dream into a reality, no matter your credit past or present.

Popular Long Beach Areas

If you’re looking to invest in the Long Beach area, take a look at some of these popular neighborhoods to jumpstart your search.

The Waterfront

From waterfront access to a wide selection of restaurants and bars, The Waterfront offers all the amenities that attract people to larger cities. The homes here are on the more expensive side, but you can find a range of home styles and prices in the area.

Naples

Naples is one of the most unique neighborhoods in Long Beach, taking its inspiration—and its name—from the country of Italy. There are lots of great shops, restaurants, and coffee shops in the neighborhood, which is why you can find some really nice luxury homes around here.

Park Estates

When you think of Long Beach, you might not think of lush green neighborhoods. Park Estates is a little different from other parts of Long Beach, with beautiful green spaces complete with trees that create a more suburban feel. There are several homes in the area that have been designed by popular architects, making it a desirable neighborhood for homebuyers and investors.

Belmont Shore

If you’re looking for some of the most expensive luxury property in the Long Beach area, don’t forget to check out Belmont Shore. This area offers the ideal California beach amenities, with a huge selection of dining and entertainment options that keep the real estate market growing.

Why choose Source Capital?

At Source Capital, we are ardently dedicated to providing our clients with the financing they need to secure the commercial real estate properties they want. Our process is completely transparent and ensures your needs are met in a timely manner. As one of the most reputable hard money lenders in Southern California, you can count on Source Capital to deliver the lending expertise and funding your project deserves.