Question 1

What credit score do I need for a hard money loan in Pinole?

Accepted Answer

Hard money lenders accept credit scores as low as 580 FICO. Some lenders go lower if the property equity is strong. Your credit matters less than the property's value and your down payment. Call with your score and property details for a real quote.

Question 2

How much down payment do I need for a hard money loan?

Accepted Answer

Hard money lenders typically require 20-30% down on the property's after-repair value (ARV). On an $800K Pinole fixer-upper, that's $160K-$240K. The exact amount depends on the property's condition and the lender's risk assessment.

Question 3

How fast can a hard money loan close?

Accepted Answer

Hard money loans close in 7-14 days. No appraisal, no employment verification, no loan committee. Lenders fund based on the property's equity and a broker's valuation. Speed is the main advantage over conventional loans.

Question 4

Can I use a hard money loan to buy and renovate a fixer-upper?

Accepted Answer

Yes. Hard money lenders fund based on the property's after-repair value (ARV), not the purchase price. You borrow against what the house will be worth after renovation. Most borrowers refinance into a conventional loan once the work is done.

Question 5

What happens if I can't refinance out of the hard money loan?

Accepted Answer

If you can't refinance, the lender will extend the loan (usually 6-12 months) at a higher rate, or you sell the property. Hard money is meant as a bridge, not permanent financing. Plan your exit before you borrow.

Hard Money Loans in Pinole: Fast Financing for Non-Traditional Deals