Hard Money Lender San Diego, CA

What is a hard money loan?

A hard money loan is a type of asset-based loan backed by real property, such as a home, and is typically issued by a private investor. Unlike traditional loans that are financed by banks or credit unions that can take weeks or months to approve, hard money loans can be issued quickly, so you can have the funding you need when you need it. 

At Source Capital, you can get approved within 24 hours, with funds transferred to your account within seven to ten days. This way, you won’t have to stand by waiting while you watch other investors snatch up properties before your eyes.

Our hard money loan interest rates start at 8.99%, but there are several factors that can affect the total cost of your loan:

• Interest rate: We offer interest rates between 8.99% and 11.99%, and higher interest rates result in higher loan costs.
• Loan amount: The more money you borrow, the more interest you’ll pay over the duration of the loan.
• Loan duration: Longer loans mean more interest, so shorter loans typically have a lower total cost.
• Origination fee: Our origination fees start at 2% of the loan amount, but your fee may be higher depending on the size and duration of your loan.

Why should I choose a hard money loan?

Unlike traditional loans, hard money loans are asset-backed, so they don’t focus on perfect credit history. Instead, we look at the property you’re investing in and its potential value, along with the equity in your real estate to back the loan. Some of the top benefits of choosing a hard money lender in San Diego include:

• Quick Approval: Hard money lenders can approve loans quickly. At Source Capital, you can get approved in as little as 24 hours and have funds wired to your account within 7 to 10 days.
• Fewer Requirements: You don’t have to worry about a low credit score, poor financials, foreclosures, or bankruptcies holding you back from getting a loan. Hard money lenders use your property as collateral—not your credit and income—meaning you have a higher chance of getting approved.
• Additional Lending: Some lending institutions, such as banks and credit unions, might place a cap on the number of loans you can have. Source Capital, on the other hand, can grant anywhere between $100,000 and $5 million in hard money loans.
• More Financing Opportunities: Many banks and conventional lenders don’t lend to certain projects, such as fix-and-flip projects, because they think they’re risky and it doesn’t work with their business model. Hard money lenders like Source Capital can offer short-term agreements between 1 and 2 years and work with a variety of projects.

If you’re looking for a flexible real estate investing loan, a San Diego hard money loan from Source Capital can be a smart decision.

Can I get a hard money loan in San Diego with low credit?

Yes. In fact, Source Capital has no minimum credit requirement to get approved for a hard money loan in San Diego. Our hard money lenders in Southern California are committed to helping you get the financing you need for your real estate ventures. Whether you’re in need of a Riverside hard money loan, a hard money loan in Modesto, or a loan right here in San Diego, our team of private investors are ready to work with you no matter where in California you decide to purchase.

Types of Loan Programs

Choosing a loan that fits your needs can help you save money and simplify your next investment. At Source Capital, we offer several types of San Diego hard money loans to make sure you have access to a loan program that works for you. You can learn more about some of our loan programs below.

Refinance

A cash-out refinance allows you to tap into the equity in your home to secure funding for your next investment. You don’t have to worry about meeting minimum credit score or income requirements, and you get access to excellent rates and terms. If you need access to cash, we can help with a cash-out refinance.

Investment purchase

With the high demand for real estate in San Diego, investing in the area can be a smart move. At Source Capital, we offer flexible hard money loans in San Diego to help you fund your next investment. Thanks to our fast approval and funding times, you can invest without the wait.

Commercial property

Source Capital provides hard money loans for a wide range of commercial properties, including retail storefronts, office spaces, and multi-family properties. Our hard money lenders can work with you to make sure your loan is specifically tailored for the commercial property you’re purchasing.

Probate and estate

If you’re receiving an inheritance and need access to capital before then, we can help. A probate and estate loan from Source Capital gives you access to your money before you receive your inheritance. We also have extensive experience working with trusts and trustees.

How Our Loans Work

At Source Capital, we do our best to give you access to competitive loans with simple terms. Our private loans are easy to apply for, and you can get approved in just 24 hours. Here’s a quick breakdown of how our San Diego private loans work.

Loans are secured by the value of the property instead of your financial history. This means you can get approved even if your credit score or income don’t meet conventional lenders’ requirements. Loans are typically approved within 24 hours and funded within 7 to 10 days.

To qualify for a private loan in San Diego, you have to meet our loan to value (LTV) requirements. For your first mortgage, we offer loans with up to a 65% LTV—which means the loan amount can’t be more than 65% of the value of the property.

If you’re taking out a second mortgage, we offer private loans with up to 50% combined LTV (CLTV). Your CLTV is the combined amount of secured loans compared to the appraised value of the property.

If you have any questions about how our loans work or the rates and terms we offer, you can fill out our loan application or call us to find out more.

Popular San Diego Areas

The San Diego real estate market is one of the hottest in the state thanks to the warm weather and beautiful beaches. From the scenic beauty of La Jolla to the peace and quiet of Rancho Bernardo, there are lots of great neighborhoods where you can invest with a San Diego hard money loan.

La Jolla

La Jolla is one of the premier beach destinations in California because of its scenic beauty. There’s no shortage of views to enjoy thanks to the many coves and cliffs, making La Jolla a perfect spot for nature lovers. For people who prefer shopping and dining, La Jolla is also home to some of the best restaurants and boutiques in the area.

Del Mar

Del Mar might not be the first area that comes to mind when you think about real estate investing, but it’s an excellent choice. This small village is home to fewer than 4,000 residents, but millions of people visit from all over the state and country each year. Boutique hotels, shops, and restaurants make Del Mar a great place to invest.

Coronado

With a median home price of more than $2 million, Coronado is one of the most sought after destinations in California. The beautiful beaches are sprinkled with mica that gives the sand a sparkly appearance, and there’s no shortage of natural and man-made attractions to keep residents busy.

Rancho Bernardo

For people who want to experience the quieter side of San Diego, Rancho Bernardo is an excellent choice. While it’s not right on the coast like some of the most popular parts of San Diego, Rancho Bernardo offers a peaceful environment that’s great for families.

What kind of properties can I get a loan for in San Diego, California?

San Diego County is the fifth-largest county in the country in terms of population. With so many people calling San Diego home, from out East in Julian, up north in Oceanside and Carlsbad, and to the south in Chula Vista and National City, there are plenty of real estate opportunities to take advantage of—whether commercial or residential. Properties eligible for a hard money loan in San Diego include:

• Residential: Single-family residences, condominiums, apartments, duplexes, triplexes, quadruplexes, and multi-family units
• Commercial: Office (businesses, medical, executive suites), retail (shopping malls, supermarkets, convenience stores), and hospitality centers (bed and breakfasts, restaurants, hotels, motels)
• Fix and Flip: Remodel, buy and hold, and complete rehab

In San Diego, you’ll find plenty of different types of properties to add to your investment portfolio. Source Capital can provide you the necessary funds to make these endeavors possible.

How do I get approved for a hard money loan?

Getting approved for a hard money loan in San Diego is easy when you choose Source Capital. The average interest rate for hard money loans in San Diego is around 9.7%. However, when you work with Source Capital, you can get approved for a hard money loan with an interest rate as low as 8.99% — meaning you’ll save more money over time. This is important to consider when the average home price in San Diego is $1,010,255. 

If you’re ready to get approved for a hard money loan, follow these steps:

• Step 1: Complete our online application, or email or call us directly, which should take no more than ten minutes. Make sure to provide as much information as possible, so we can determine your eligibility quickly.
• Step 2: Wait for your written offer, then review the terms and conditions.
• Step 3: Check your bank account to ensure the appropriate funds were wired.
• Step 4: Make monthly payments via phone, mail, or direct deposit.

Once these steps are complete, you’ll be on your way to investing in your dream real estate property.

Source Capital is your go-to hard money lender in San Diego

Since our inception in 2007, Source Capital had funded over $550 million in hard money loans. If you’re looking for a trusted private money lender in San Diego, California, look no further than Source Capital. With no minimum income requirement or credit score, you can easily get approved for a hard money loan for your real estate investment ventures. Get started by giving us a call at 888.249.6957, or start your online application to receive a response within 24 hours.