Hard Money Lender Santa Barbara, CA

What is unique about Santa Barbara hard money loans?

Traditional loans funded by banks, credit unions, and other financial institutions impose incredibly stringent, complex, and time-consuming applications and approval processes. Within the time it may take to get approved through a conventional lender, the property of your dreams might slip through your hands. When you work with hard money lenders, you’re partnered with professionals who understand that time is of the essence, especially within the Santa Barbara property market.

Traditional lenders determine loan eligibility by looking at a variety of the applicant’s financial factors, including income, assets, and credit. Alternatively, hard money loans are secured by real estate and funded by private individuals or groups of individuals with a circulating pool of funds. This allows for much more flexibility and a more favorable outcome for you.

Our screening requires minimal information from the applicant, meaning increased forgiveness when it comes to any past financial blunders and faster turnaround time for loan approvals. While traditional institutions may take weeks or even months as your loan application filters through a variety of hands, departments, and screenings, we can make decisions in a matter of minutes.

Real estate in Santa Barbara moves fast. A day or two spent waiting for approval of your loan application can mean the difference between securing the property of your dreams and losing out to the competition due to availability of funds. Our hard money lenders understand the necessity of speed and efficiency. We typically approve loans within 24 hours and distribute the funds in between 7 and 10 business days.

How Our Loans Work

The conventional loan application process can be lengthy, but we work hard to make sure your loan is funded as quickly as possible. We also make it easier to get approved for a private loan in Santa Barbara since we don’t approve you based on your credit score and income.

When you apply for a private loan with Source Capital, we look at the value of your property and the property you’re purchasing. We offer loans with a loan to value (LTV) ratio of up to 65%, which means you can borrow up to 65% of the money you need to purchase property.

We offer interest rates starting at 8.99% and origination fees as low as 2%. However, interest rates and lender fees may vary based on your loan application.

Once your loan is funded, you can make your monthly payments via mail, phone, or direct deposit.

Popular Santa Barbara Areas

Before you apply for a loan, you need to decide where you want to invest. Like most cities in California, there are plenty of real estate investment opportunities in Santa Barbara. If you’re looking for suggestions, you can check out some of these great neighborhoods.

Downtown Santa Barbara

Whether you’re looking to invest in commercial or residential real estate, Downtown Santa Barbara is rife with opportunities. A mixture of historic and modern buildings gives the downtown area a unique feel, and renters love living near all the cafes and restaurants.

Isla Vista

Isla Vista is the neighborhood of choice for students and faculty at University of California Santa Barbara, so it’s a great spot to invest in rental property. Prices are on the higher end here, but it’s usually easy to find tenants and maintain a steady stream of rental income.

The Mesa

The Mesa sits atop the bluffs near the coastline, offering stunning views and easy beach access for residents. Home values and rent prices typically increase as you get closer to the coast, so you can find a property that fits your budget.

Riviera

Riviera is popular among retirees and professionals, offering a relaxed vibe without being too far from Downtown Santa Barbara. Homes don’t hit the real estate market often in this neighborhood, so you have to stay committed as an investor.

Which properties can be financed by Santa Barbara hard money lenders?

Source Capital is the proud financier for a number of Santa Barbara-based non-owner occupied business-related properties. These many properties traverse several residential and commercial property classifications, including:

• Residential fix-and-flips (buy and hold, remodel, complete renovation) and 1-4 unit dwellings (including single-family residences, apartments, condominiums, and more)
• Commercial properties including multi-family units (multi-unit buildings and complexes, and planned communities), office spaces (medical, business, and executive), retail spaces (malls, strips, and inline retail)
• Industrial properties such as manufacturing, warehouse, and distribution centers

If your desired property is one of the many listed above, give us a call and learn how we can work together. It’s fast, easy, and—best of all—free!

How much does a hard money loan cost in Santa Barbara, CA?

The average hard money loan in Santa Barbara is $328,438 with the average hard money loan interest rate at 10.9%. At Source Capital, we are proud to offer above-average service for below-average rates—our Santa Barbara hard money loan interest rates start at just 8.99%.

How can I get approved for a Santa Barbara hard money loan?

Our loan application process is as easy as it gets. Loan applicants may submit their applications through a variety of channels, including chatting online with a representative, filling out an online application, or our recommended method, giving us a call. You can speak directly with a decision-maker who is waiting to help. 

Supply us with a minimal amount of information, ask any questions that you may have regarding our process or your loan, and we may be able to approve your loan in a matter of minutes. We’ll never give you the runaround or waste your time.

To get approved for a hard money loan in Santa Barbara, simply follow these steps:

•  Fill out our hard money loan application

•  Provide full details about the property and your forecasted plan

•  Submit your application—within 24 hours, we will get back to you with a written offer

•  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

Plus, our loans aren’t just available in Santa Barbara. Whether you’re looking for hard money lenders in Bakersfield or hard money lenders in Los Angeles, Source Capital makes it easy to apply and get approved within days.

Can I get a hard money loan in Santa Barbara with bad credit?

Don’t let bad credit get in the way of your glittering business idea. If you’re interested in investing in business real estate but have a troublesome financial history, getting approved for a traditional bank loan can be near impossible. Escape the pain of conventional lenders by working with our Santa Barbara hard money lenders. 

Hard money loans are secured by real estate, which means your past financial roadblocks and bad credit don’t play a role in determining your eligibility. And, when you partner with Source Capital, you can enjoy no minimum credit or minimum income requirement to get approved for a hard money loan.

Why choose Source Capital?

Santa Barbara’s real estate market grows more competitive with every passing year, and with a fast-paced housing market, time is of the essence. With the clock constantly ticking, you need to act fast to secure your desired business property. Count on Source Capital for all of your Santa Barbara hard money loans and get started on your property business ventures today. Call us at 888.249.9827 to get more information about hard money loans in Southern California and get started on your real estate dreams.