Google 5-Star Rated Direct Hard Money Lender
Hard Money Lender Palm Springs, CA
Fixed Rates from 8.99%
No Prepayment Penalties, No Junk Fees
Lender Fees from 1.75 Points
Loans up to 65% LTV and 3 Year Terms
Poor Credit, Past Bankruptcy and Foreclosure, Foreign Nationals – OK
Pre-Approvals within 24 hours, Funding in Days
Direct Lender with Over $400M in Loans Funded
Fast Streamlined Process to Save You Time and Money
BBB A+ Rated, 5 star Google & Yelp Reviewed Lender
Call us now at 323.352.9292 and speak directly to a decision maker. If you want us to contact you, please complete the form on this page.
Google 5-Star Rated Direct Hard Money Lender
Source Capital Palm Springs Hard Money Lender
Those looking for hard money loans in Palm Springs rely on Source Capital for fair and fast financing. We are the premium hard money lending company serving Palms Springs and the entire Coachella Valley, including Indio, Indian Wells, Rancho Mirage, La Quinta, Cathedral City, Thousand Palms and Desert Hot Springs. Whether you need to obtain a Palm Springs hard money loan for a commercial or residential property in Southern California, keep reading to learn why we’re your best choice.
What is a Hard Money Loan?
A hard money loan is sometimes referred to as a “bridge loan”, “private loan” or “direct loan”. The reason behind these name variations is because the money loaned through this type of financing is pulled from a source of ‘hard’ cash held by a private, direct lender in Palm Springs. Source Capital offers hard money loans in Palm Springs and the surrounding Coachella Valley, which are asset-based and secured by real property.
How is Hard Money Lending Different?
Instead of borrowing from banks, credit unions, or mortgage firms who offer loans pulled from pools of circulating money, a hard money loan in Palm Springs is issued by private investors. This means that the time it takes to receive your loan amount is significantly faster when choosing hard money lending to finance real estate over traditional mortgages, since they do not need to be allocated across various accounts.
Not only do you receive your money faster when financing properties in Palm Springs using a direct loan, but you get approved for your loan much faster, as well. Hard money loans are asset-based, meaning they are backed by the value of the property, not the credit worthiness of a buyer. For that reason, we don’t require a minimum income level or FICO credit score, nor do we discriminate against foreign nationals or those with a history of bankruptcy.
Because Source Capital underwrites our own loans in-house, we can quickly approve you for hard money lending in Palm Springs—even if you’ve been turned down for traditional mortgages in the past. By cutting out the middle man in the loan writing process, the reduced time and costs translate as direct benefits to our clients and savings in your pocket. Our lender fees are significantly lower than those charged by other banks and financial intuitions, starting from 1.75 points.
We can approve your Palm Springs private loan application in a matter of days or weeks—versus months, typical of traditional mortgage lenders. This is essential in the Coachella valley real estate market, which is in high demand and sees properties go quickly once put up for sale. Waiting on a standard mortgage could cause you to lose out on what otherwise would have been an ideal piece of real estate.
Traditional mortgages and real estate financing programs not only have a longer loan approval and dispersion process, but they additional have significantly longer lease terms. Depending on which type of long-term mortgage you pursue, you can be locked into a contract which spans upwards of three decades. Source Capital offers hard money loans in Palm Springs with terms that last up to three years, preventing you from feeling the unrelenting weight of loan repayments constantly hanging over your head.
Depending on which long-term mortgage you choose, your interest rates may be varied—not fixed. Without fixed interest rates, you’re left vulnerable to a volatile market prone to sudden dips and spikes. Your repayment schedule can vary drastically, and such unpredictability may pose a threat to your financial security. Source Capital provides Palm Springs hard money lending at fixed rates, starting from 8.99%, so you can know with confidence what your loan structure will look like. We always provide our offers in clear, easy-to-understand terms to ensure the confidence you deserve to move forward with your financing. We also promise to never hit you with bogus prepayment penalties nor junk fees regarding your direct loan in Palm Springs—qualities will you be hard pressed to find amongst other lending competitors.
Source Capital understands that some buyers want to invest in properties which can’t be financed using traditional loans or mortgages. This is why investors turn to our hard money loans in Palm Springs instead. Whether you want to secure fast capital for a fix-and-flip investment, finance renovations of rental properties, or facilitate the speedy purchase and transfer of real estate, contact us to see how we can help provide the right solution for you.
What Types of Properties are Financed Using Palm Springs Hard Money Loans?
Source Capital offers hard money lending in Palm Springs, its neighboring areas, and all of California for both residential and commercial properties. Examples of various residential real estate which can be financed using a direct loan in Palm Springs include:
- 1-4 Unit Properties: Single family residences, condominiums, apartments, duplexes, triplexes and quadraplexes
- Fix and Flip Properties: Complete rehab and renovation, remodel projects, and buy-and-hold properties
Regarding Source Capital’s ability to finance commercial real estate using Palm Springs hard money loans, various properties we help our investors secure include:
- Multi-Family Buildings: Apartment buildings, condominium complexes, and planned communities
- Offices: Businesses, medical offices, and executive suites
- Retail Centers: Strip mall, inline retail, and regional malls
- Industrial Buildings: Distribution facilities, manufacturing plants, and warehouses
- Hospitality Industries: Hotels, motels, and restaurants
Founded in 2007 with over ten years of experience and over $400 million loans funded, Source Capital is equipped to handle even the most complex real estate transactions using our Palm Springs hard money lending service. Whether you’re looking to upgrade your Coachella rental property, or invest in an Indio hotel venture, we’re here to help you turn your real estate goals into a reality.
How Do I Apply for a Hard Money Loan in Palm Springs?
Applying for a Source Capital hard money loan is easy to do, and we encourage everyone to do so! From real estate agents to brokers, seasoned investors to first-time borrowers, we work with a wide variety of clients and tailor to their unique, specific needs. To apply, simply answer a few questions and fill out our pre-approval form; it takes less than ten minutes and we can get you approved in as little as 24 hours. We require minimum paperwork—unlike standard financing companies—and are proud to help people who have been shut down for loans in the past. Your offer will be clear and direct, and we will help you patiently comb through the details to make sure you understand the terms of your hard money loan. If it sounds fair—which is a company mission statement we abide by—and you agree, we will disperse your loan is days, not weeks, and you will conveniently make monthly payments via mail, phone, or direct deposit. It’s that easy!
The quote is free and carries no obligation, so what do you have to lose by contacting us today? Contact us to learn why we are Google’s #1 reviewed and rated hard money lender in Palm Springs and across our various servicing areas.
Areas We Serve
We lend throughout Arizona, California, and Minnesota. Please contact us to discuss your scenario and speak directly to a decision maker.