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Claremont's historic homes and village character create fix-and-flip opportunities that need fast funding. Traditional lenders take 30-45 days. Hard money closes in 7-14 days.
The Claremont Colleges bring rental demand, making this market attractive for investor purchases. Asset-based financing lets you move on properties other buyers can't touch.
Hard Money Loans in Claremont
Hard money lenders approve based on the property, not your tax returns. They fund 65-75% of purchase price or after-repair value. Credit scores matter less than the deal itself.
Most Claremont investors use hard money for distressed properties that won't qualify for traditional financing. The property secures the loan. Your income documentation is minimal.
Local decision guide
Use this guide to connect hard money loans eligibility, lender expectations, and local market factors before comparing payment options in Claremont.
Claremont's historic homes and village character create fix-and-flip opportunities that need fast funding. Traditional lenders take 30-45 days. Hard money closes in 7-14 days.
The Claremont Colleges bring rental demand, making this market attractive for investor purchases. Asset-based financing lets you move on properties other buyers can't touch.
Hard money lenders approve based on the property, not your tax returns. They fund 65-75% of purchase price or after-repair value. Credit scores matter less than the deal itself.
We work with 30+ hard money lenders who compete on rate and terms. Rates typically run 8-12%, with 1-3 points upfront. Terms span 6-24 months depending on your exit strategy.
Local Claremont deals get better pricing than distant markets. Lenders know Los Angeles County comps and can evaluate properties faster. That speeds your closing and sometimes improves your rate.
Most Claremont investors use hard money as bridge financing. You buy and renovate, then refinance into a DSCR loan or sell. The key is having a clear exit before you borrow.
Avoid hard money for properties you plan to hold long-term. The carrying costs eat profit. Use it for speed when traditional financing would kill the deal or when the property needs work before it qualifies for permanent financing.
Bridge loans offer similar speed but typically require better credit and more documentation. DSCR loans cost less but take longer and need rent-ready properties.
Hard money wins when you're buying at auction, need to close in days, or the property is uninhabitable. Once renovated, refinance to a DSCR loan at 7-9% versus staying at 10%+.
Claremont's strict historic preservation rules affect renovation timelines. Factor permit delays into your loan term. A 12-month loan gives more cushion than 6 months when dealing with the city.
Properties near The Claremont Colleges command rental premiums. Lenders recognize this and may fund higher LTV on investor properties in those pockets. The Village area also attracts strong lender interest.
Most deals close in 7-14 days once you have a purchase contract. We've closed some in 5 days when the property appraisal came back quickly.
Most lenders want 600+ but focus more on your experience and the property. First-time flippers may need 620+ or a larger down payment.
Hard money is for investment properties only. If you're buying a primary residence, FHA or conventional loans cost far less.
Most lenders offer 6-month extensions for a fee. Build timeline buffer into your original loan term to avoid expensive extensions.
Yes, and they'll hold reserves if taxes are delinquent. Current tax status speeds approval and sometimes improves your rate.