Question 1

How quickly can I close on a Clayton property with hard money?

Accepted Answer

Most hard money lenders can close in 7 to 14 days once you provide required property information and project details. Some lenders offer expedited closings in 3 to 5 days for additional fees if needed.

Question 2

What credit score do I need for hard money loans in Clayton?

Accepted Answer

Hard money lenders focus on property value, not credit scores. Many approve loans with credit scores below 600 or even recent credit events. Your project plan and exit strategy matter more than your credit history.

Question 3

Can I use hard money for a Clayton rental property purchase?

Accepted Answer

Yes, but hard money works best as temporary financing for acquisition and renovation. After stabilizing the property with tenants, refinance into a DSCR loan or conventional investor loan for better long-term rates.

Question 4

What happens if my Clayton renovation takes longer than expected?

Accepted Answer

Most hard money lenders offer extension options for additional fees, typically 1 to 2 points per extension period. Build contingency time into your initial loan term to avoid costly extensions.

Question 5

Do Clayton hard money lenders require reserves?

Accepted Answer

Most lenders want to see 6 to 12 months of reserves covering loan payments and project costs. This protects both you and the lender if the renovation encounters unexpected delays or cost overruns.

Hard Money Loans in Clayton: Fast Funding for Real Estate Investors