Question 1

How fast can hard money loans close in Lafayette?

Accepted Answer

Most hard money lenders fund in 7-14 days. Some can close in 5 days if you have all documentation ready and the property appraises cleanly.

Question 2

What credit score do I need for hard money financing?

Accepted Answer

Most lenders don't have hard minimums. Scores above 600 help, but the property value and your down payment matter far more than credit history.

Question 3

Can I use hard money for a primary residence purchase?

Accepted Answer

Rarely works. Hard money is designed for investment properties and flips. You'd pay 10-13% interest when conventional loans cost 7%, which makes no financial sense.

Question 4

What happens if my Lafayette flip takes longer than expected?

Accepted Answer

Most lenders offer extensions at higher rates, typically adding 1-2% to your interest rate. Budget 12-18 months of costs even for planned 6-month projects.

Question 5

Do hard money lenders fund the renovation costs?

Accepted Answer

Some do through draw schedules tied to project milestones. Others only fund acquisition, requiring you to bring separate capital for renovations.

Hard Money Loans in Lafayette: Fast Funding for Fix-and-Flip and Investment Properties