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Hard Money Loans 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.
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.
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.
Mortgage financing for independent contractors and freelancers who earn 1099 income instead of traditional W-2 wages.
Mortgage programs that allow borrowers to qualify based on liquid assets rather than traditional employment income.
Non-QM loans that use 12 to 24 months of bank statements to verify income for self-employed borrowers.
Short-term financing that bridges the gap between buying a new property and selling an existing one.
Debt Service Coverage Ratio loans that qualify investors based on a rental property's income rather than personal income.
Mortgage programs designed for non-US citizens and non-permanent residents who want to purchase property in the United States.
Mortgages that allow borrowers to pay only the interest for an initial period, resulting in lower monthly payments upfront.
Financing solutions tailored for real estate investors purchasing rental properties, fix-and-flip projects, or investment portfolios.
Home loans for borrowers who have an Individual Taxpayer Identification Number instead of a Social Security number.
Adjustable rate mortgages held in a lender's portfolio rather than sold on the secondary market, offering more flexible terms.
Non-QM mortgages that use a CPA-prepared profit and loss statement to verify income for self-employed borrowers.
Home loans with interest rates that adjust periodically based on market conditions after an initial fixed-rate period.
Specialized mortgage programs designed to support homeownership in underserved communities with flexible qualification criteria.
Mortgages that meet the guidelines and loan limits set by Fannie Mae and Freddie Mac for secondary market purchase.
Financing for building a new home or making major renovations, typically converting to a permanent mortgage upon completion.
Traditional mortgage financing not backed by a government agency, offering flexible terms and competitive rates for qualified borrowers.
Innovative loan products that leverage projected home equity growth to provide favorable financing terms.
Government-insured mortgages from the Federal Housing Administration with low down payments and flexible credit requirements.
A revolving line of credit secured by your home equity that allows you to borrow funds as needed during a draw period.
A fixed-rate second mortgage that provides a lump sum of cash by borrowing against the equity built in your home.
Mortgages that exceed the conforming loan limits set by the FHFA, designed for financing high-value luxury properties.
Loans for homeowners aged 62 and older that convert home equity into cash without requiring monthly mortgage payments.
Government-backed zero down payment mortgages for eligible rural and suburban homebuyers who meet income limits.
Government-guaranteed mortgages for eligible veterans, active-duty service members, and surviving spouses with zero down payment.