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Hard Money Loans in La Mirada
La Mirada's suburban location attracts investors targeting single-family rehabs and rental conversions. Properties here move fast when priced right.
Hard money makes sense when speed matters more than rate. Most La Mirada deals close in 7-14 days versus 30-45 for conventional.
Investors use these loans to grab distressed properties before traditional buyers can mobilize. The exit strategy is either refinance or quick sale.
Lenders care about the property, not your tax returns. They'll lend 65-75% of the after-repair value.
You need skin in the game. Expect to bring 25-35% down payment plus renovation reserves.
Credit matters less than experience. First-time flippers face tougher terms than investors with completed projects.
Most lenders require an exit strategy upfront. Show how you'll pay off the loan in 6-12 months.
Hard money rates in La Mirada run 8-14% with 2-4 points upfront. Those aren't typos—this is expensive money.
Local lenders move faster than national shops but charge more. Pick based on your timeline and budget.
Some lenders fund rehab draws as work completes. Others hand you all cash upfront and trust you'll finish.
Watch for prepayment penalties. Many charge 3-6 months interest even if you exit early.
Most investors burn money by holding hard money too long. Refinance into DSCR as soon as rehab finishes.
I see borrowers surprised by total costs. At 10% plus 3 points, a $400K loan costs $5K monthly plus $12K upfront.
The property underwrites the loan, but lenders still check if you can finish the project. Show construction experience or hire proven contractors.
La Mirada's permit process runs slower than some cities. Factor that into your timeline or you'll pay extra interest waiting for inspections.
Bridge loans cost less but require proof of exit financing. Hard money approves based purely on property value.
DSCR loans offer lower rates for stabilized rentals. Use hard money for the flip, then refinance into DSCR if you decide to hold.
Construction loans work for ground-up builds. Hard money handles purchases plus light-to-moderate rehab.
Traditional investor loans beat hard money on cost but take 30+ days. You lose deals waiting for conventional approval.
La Mirada sits between Orange County and LA County markets. Investors flip here and sell to OC commuters seeking value.
Older housing stock means renovation opportunities. Focus on kitchens and baths—buyers here expect updated interiors.
School district quality drives resale values. Properties in better attendance zones move faster post-flip.
Competition from iBuyers affects exit strategy. They set price ceilings on cookie-cutter flips.
Most lenders close in 7-14 days with complete paperwork. Some fund in 5 days for premium fees.
Single-family homes, condos, and small multifamily units work. Most lenders avoid major structural issues.
Credit scores as low as 580 qualify if the deal makes sense. The property value matters more than your score.
Most loans run 6-12 months with extension options. Plan to exit before hitting expensive renewal fees.
Experienced flippers get better terms. First-timers qualify but face higher rates and lower LTV.
Most lenders offer extensions at 1-2% monthly. Some require points to renew—budget for delays upfront.
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.