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Monrovia's older housing stock and active fix-and-flip market make it prime territory for hard money financing. Many properties need rehab work that conventional lenders won't touch.
Investors target single-family homes near Old Town and multi-units along Foothill Boulevard. Hard money lets you close fast and beat all-cash offers that dominate competitive deals.
Hard Money Loans in Monrovia
Hard money lenders focus on the property, not your credit score or tax returns. They fund based on after-repair value and your equity position in the deal.
Expect to put 20-30% down and show a clear exit strategy. Lenders want to see how you'll repay—through sale, refinance, or rental income.
Local decision guide
Use this guide to connect hard money loans eligibility, lender expectations, and local market factors before comparing payment options in Monrovia.
Monrovia's older housing stock and active fix-and-flip market make it prime territory for hard money financing. Many properties need rehab work that conventional lenders won't touch.
Investors target single-family homes near Old Town and multi-units along Foothill Boulevard. Hard money lets you close fast and beat all-cash offers that dominate competitive deals.
Hard money lenders focus on the property, not your credit score or tax returns. They fund based on after-repair value and your equity position in the deal.
SRK CAPITAL works with 15+ hard money lenders who fund across Los Angeles County. Rates range from 8-12% with 1-3 point origination fees.
Different lenders specialize in different property types. Some prefer single-family flips, others fund ground-up construction or commercial deals.
Most borrowers overpay because they contact one lender directly. We shop your deal to multiple lenders and negotiate terms based on what similar deals closed at.
The biggest mistake is underestimating rehab costs. Lenders reserve funds based on your budget, so pad it 15-20% or risk delays when you run short.
Hard money costs more than DSCR loans but funds properties that need major work. Use hard money for the flip, then refinance to DSCR if you decide to hold as a rental.
Bridge loans offer lower rates but stricter qualifications. Hard money approves deals bridge lenders won't touch, especially heavy rehabs or credit-challenged borrowers.
Monrovia requires permits for most renovation work. Factor permit timelines into your loan term—running past maturity triggers extension fees or full payoff.
Properties near the mountains or in older neighborhoods may have foundation or hillside issues. Lenders will order property inspections and reduce loan amounts if major structural work appears.
Most deals close in 7-14 days if you have earnest money deposited and title work started. All-cash timeline with financing backup.
Lenders fund 65-75% of purchase price or after-repair value, whichever is lower. Your down payment covers the gap plus closing costs.
Yes, cash-out refinances work for renovation funding. Lenders base loan amount on current value and projected after-repair value.
First-time flippers qualify but may face lower loan-to-value ratios or higher rates. Experienced investors get better terms.
Most lenders offer 6-month extensions at 1-2% of loan balance. Plan your timeline conservatively to avoid extension fees eating profit.