Hard Money Lender Oakland, CA

Getting approved for a hard money loan in Oakland

Don’t wait any longer for the perfect loan. Skip months of waiting and avoid an intrusive financial background check by coming to us for financial backing. The process is simple: fill out an application online, and we’ll take care of the rest. After a short assessment, you’ll likely be approved within 24 hours so you can acquire that prized property with a hard money loan. 

Whether you want to invest in a single home in Uptown or a large commercial property in Rockridge, we tailor our hard money loans to make sure you get exactly what you’re looking for. From store fronts to apartment buildings, we know how to assess the market and guide your investment toward success. These are the hard money investment options we offer to get you on your way.

• Residential Properties

You can buy a single family residence, condo, apartment, duplex, triplex, or quadruplex using our residential hard money loan. If you’re looking to snatch up a residential property fast, hard money loans from Source Capital will help get you there.

• Commercial Properties

We can modify your hard money loan to suit your commercial property, no matter how big or how small. If you’re eyeing an office, retail, multi-family, storage, hospitality, or industrial building, we have you covered.

• Fix and Flip

Jumping into the fix and flip business? We’ll give you the funding to buy, rehab, and remodel your property to perfection.

We have the experience to give you the perfect hard money loan to get you started. If you’ve found the ideal investment property in Oakland, don’t let it slip through your fingers. Come to us right away and we’ll get the loan to you in a matter of days. We also serve cities across California, Arizona, and Michigan, so if you need a hard money lender in Richmond, CA or a hard money loan in San Francisco, Source Capital can get you funds fast.

Call our Oakland hard money lenders today at 888.235.7191 and ask us any questions about our hard money loan rate and approval process. We’re eager to discuss your options with you so you can acquire the property of your dreams.

Popular Oakland Areas

Oakland might not be the first city you think of when you think about pricy California real estate, but you can find everything from condos and apartments to luxury homes and commercial buildings around the city. Here are a few Oakland neighborhoods where you can start your search.

Claremont Hills

Claremont Hills is one of the nicest neighborhoods in Oakland, offering a nice view of the San Francisco Bay. Homes in this area can cost millions, so Claremont Hills isn’t necessarily the best place for investors with a limited budget. This also isn’t the best neighborhood in terms of amenities.

Downtown Oakland

Investors who are looking for more affordable homes in the heart of the city can check out Downtown Oakland. Home prices are frequently under $1 million in this area, and there are tons of dining and entertainment options in the area to keep residents busy.

How Our Loans Work

If you recently applied with a conventional lender, your application might have been denied. Conventional lenders have strict requirements that make it tough for non-conventional borrowers to get approved. At Source Capital, we don’t focus on your credit score and income when you apply for a private loan in Oakland.

The most important metric is your loan to value (LTV) ratio. We can finance loans with up to 65% LTV, which means the amount you’re borrowing can’t be more than 65% of the property value. As long as your LTV is 65% or lower, you shouldn’t have a problem getting approved due to your credit score or income.

Our private loans have fixed interest rates, but our rates vary from borrower to borrower. You’ll get a chance to see your lender fees and interest rate before you agree to the loan.

What is the interest rate on a hard money loan in Oakland?

The average interest rate charged by private hard money lenders in Oakland, CA is 10%. However, Source Capital is proud to offer loans starting at just 8.99%. We also scrap the junk fees that make other loans especially costly, saving you time and money. With a median home value over $800,000, Oakland can be an expensive place to invest in property.

Luckily, we are able to offer competitive rates thanks to our asset-based financial products. Here’s how it works:

Hard money loans in Oakland are issued by private investors or companies to help a borrower secure property. This type of loan is typically used for real estate projects lasting from a few months to a few years. We provide up to 65% of the value of the property for a duration of 24 months so you can begin your real estate venture with confidence.

If you’re having difficulty securing a loan, Oakland private money lenders and hard money financing might be your answer. Other loans, like conventional loans, have extremely strict standards regarding who they finance, and many people don’t make the cut. With hard money loans, you aren’t judged based on your income, credit past, history of foreclosure, outstanding debt, job status, marital status, or other fine details. Instead, we focus on the current value and potential of the property you wish to invest in, and give you the financing to match.

Other loans can take months to approve. You may be required to fill out mounds of paperwork, go through a lengthy background check, and wait for several weeks or months to attain your money. If you want to jump on a property fast, this might not be the best route to take. Without all of the excess restrictions, we can approve your hard money loan within 24 hours so you can secure your property right away.

What happens if you default on a hard money loan in Oakland?

Defaulting on a loan means that a borrower is unable to make payments. If this occurs, the lender may have the right to possess the property or other assets used as collateral to secure the loan, then sell them to recuperate lost funds. 

Defaulting may also mean that your lender forecloses on the property you purchased with the loan, repossessing it and selling it to settle the debt caused by the lender’s inability to pay. 

Oakland, CA Foreclosure Laws

A bank or lender might foreclose on a property if the borrower is unable to make payments and is in default. A foreclosure gives the lender the right to sell the house in order to recuperate their funds. This allows them to be paid even if the borrower is unable to continue making payments.. 

It’s important to be aware of the types of foreclosure that may occur in Oakland, CA:

• Nonjudicial foreclosure: This is the most common form of foreclosure. Nonjudicial foreclosures occur when there is a written clause in the deed to the loan allowing the lender to sell off the home in case of a defaulting borrower. The sale of the home is used to pay off outstanding debt if the borrower is unable to make payments. 

• Judicial foreclosure: Judicial foreclosures mean that the lender must file a lawsuit to recuperate the funds they lost when the borrower defaulted. This can occur if there was not a stated clause in the loan allowing foreclosure in case of default.

Do Oakland, CA hard money loans show up on credit?

Oakland hard money lenders do not rely on your credit score to assess eligibility for a loan, making them great options for borrowers who need a fast turnaround to secure property. It’s also unlikely that credit bureaus will include a hard money loan on your credit report. Note that it may appear in other documentation, like a background check, however.