Hard Money Lender Richmond, CA

What is a Hard Money Loan?

Many people invest in real estate to expand their portfolio and earn extra income. Real estate is a great resource for both long-term and short-term profit. As a landlord, you can rely on a steady stream of income for years when you rent out your property. If you own a fix and flip business, you can purchase and renovate a property to turn a profit within a relatively short period of time. Whether you’re a first-time investor or the owner of a real estate business, it’s crucial that you find the appropriate funding to launch your next project. No matter what property you invest in, funding doesn’t come cheap. Unless you have the capital to spend out of pocket, you’ll need to take out a loan.

Conventional loans come from financial institutions like banks and are difficult to obtain. Since the housing market crash of 2008, strict regulations have been put in place to limit the public’s access to bank loans. If you apply for a traditional mortgage, the bank will perform an extensive background check of your finances, including your credit, history of bankruptcies, any outstanding loans, your current income, and even your marital status. People who don’t meet the criteria for a conventional mortgage may have difficulty getting approved.

Source Capital hard money lenders don’t put your financial history at the center of the approval process. The real estate experts from Source Capital care less about your financial history and more about the equity and ARV of the property you plan to buy. Instead of relying solely on your financial history, we hold the property as collateral while you focus on your project. If you have any financial blemishes and you’ve been turned away by other lenders, you can get fast funding from the hard money lenders at Source Capital.

Why Choose a Hard Money Loan?

Getting approved for a conventional loan can be a long process. If you apply for a traditional loan, you’ll have to fill out complicated paperwork and possibly wait months for a reply. As you wait, the property you’ve had your eye on may slip through your fingers and get scooped up by a competitor. Even after months of waiting, you may still get rejected and have to apply with another lender.

You can beat competitors when you use a hard money loan. Because you have immediate funding, eager sellers might find your offer more appealing. If you have a hard money loan and the seller is eager, you may even negotiate a lower purchase price to get a great deal.

Sellers benefit from hard money loans for several reasons. With a conventional loan, approval can take months and the lender may pull out funding any time before the close of escrow. If the escrow falls through, the buyer loses their opportunity and the seller doesn’t make any money. Private hard money lenders typically don’t pull out funding, so the buyer may prefer your offer over traditional financing.

Do I Qualify for a Hard Money Loan?

Richmond hard money lenders have different requirements than conventional lenders. Our team of real estate experts won’t pry into your financial history, and we’ll tailor a loan to your property and your goals. We base our approval on the equity and ARV of your property, so you don’t need to worry about your financial past getting in the way.

When you apply for a hard money loan from Source Capital, you’ll receive a reply within 24 hours. After a brief assessment, we’ll determine your eligibility and extend an offer to you. If approved, you’ll receive funding within seven days so you can purchase your property fast. If you’re ready to start a real estate venture, let Source Capital create a loan that suits your financial aspirations.

Flexible Terms

We understand that there is no one-size-fits-all loan for an investment property. Every client has different interests and desires, and we serve our clients by negotiating a loan that works for them. We’ll discuss our different options, including adjustable interest rates, fee waivers, and flexible payment schedules so you get the most out of your loan.

Here are the terms we offer when you apply for a hard money loan in Richmond:

• Financing for amounts between $100,000 and $5 million
• Loan durations between 12 and 24 months
• Fixed interest rates as low as 8.99%
• Loan to value (LTV) up to 65%
• Origination fees starting at 2%
• No minimum credit score or income requirements
• No “junk” fees or prepayment penalties

Convenience

You can’t beat the convenience of a hard money loan. Source Capital’s application and approval process is quick and easy. It takes less than 10 minutes to complete our simple online loan application. If your loan is approved, we will provide you a written offer disclosing your loan terms in a clear and concise manner. Should you agree to our terms, your loan will be funded during escrow and the loan will be wired directly to you. Once you purchase your property, you can make monthly payments to us through mail, phone, or direct deposit.

Properties We Lend to

Our private investors have tailored hard money loans to almost every real estate investment imaginable. We construct our loans on a case-by-case basis to ensure you get the most out of your financing. The real estate experts from Source Capital tailor loans with your investment goals in mind, so you can move forward without the hassle of traditional lenders. If you’re ready to invest in real estate, we will construct a personalized loan based on your needs. From residential buildings to commercial structures, you can make your real estate dreams come true with a hard money loan from Source Capital.

Want to become a landlord? Purchase a single-family home, duplex, triplex, condo, or apartment building with a hard money loan from us. Landlords can gain a steady income from their investments that they can use for other ventures. Whether you’re a new landlord or you’ve managed multiple properties for years, Source Capital is here to turn your next property into a great source of revenue.

If you’re looking to purchase a commercial property, Source Capital can negotiate a loan just for you. Commercial properties include storefronts, office spaces, and industrial complexes. If you want to fix and flip a commercial property, see if you qualify for a Richmond hard money loan from Source Capital.

Popular Richmond Areas

Richmond offers a diverse array of investment opportunities, so you can decide where you want to invest based on your budget and the type of property you’re looking for.

Point Richmond

Point Richmond combines the small town feel with big city amenities, and it’s home to some of the most coveted properties in the Richmond area. A wide range of home prices makes Point Richmond a suitable neighborhood for various budgets.

Eastshore

Eastshore almost feels like it’s closer to El Cerrito than Richmond, but residents still have fairly easy access to the Richmond amenities. Eastshore is also about a 5-mile drive from Berkeley, which means it’s a popular spot for college students in the area.

Carriage Hills

Carriage Hills is a quiet master-planned community, which makes it a great spot if you’re looking to invest in suburban rental homes. This is one of the more relaxed neighborhoods in Richmond, and a short drive to Oakland makes the area even more desirable.

Laurel Park

Laurel Park is the perfect area for people who like to travel on foot, boasting a wide range of public transportation options. This is also one of the more walkable neighborhoods in Richmond, so it’s a popular choice among people who like to stay active.

How Our Loans Work

We don’t focus on your credit when you apply for a Richmond hard money loan with Source Capital, so you might be wondering how we approve or deny your loan.

The biggest factors we focus on when we’re looking at your loan are the property you’re purchasing and the value of the property you’re using as collateral. We offer loans with a loan to value (LTV) of up to 65%, which means we can finance most loans as long as the loan amount isn’t more than 65% of the property value.

Our interest rates and lender fees are flexible, but you always have a fixed interest rate with a hard money loan from Source Capital. That means you’ll pay the same interest rate for the life of your loan—whether it’s 12 or 24 months.

Richmond Hard Money Loans from Source Capital

When you’re ready to purchase real estate in Richmond, turn to the private lenders at Source Capital. We’ve satisfied hundreds of clients, from large businesses to individual investors. Our team works directly with investors to answer any questions that may arise during the process.

Source Capital is committed to providing hard money loans for a variety of real estate ventures. We’ve earned an “A+” rating from the Better Business Bureau and a five-star rating from Google and Yelp. Our private investors have financed hundreds of clients with over $550 million in hard money loans in the last decade, and the numbers continue to rise.

Call us at 888.235.7191 when you’re ready to begin your real estate venture. Our representatives are happy to answer any questions you may have about the lending process. Reach out to us today and we’ll set you on a path toward success in real estate.