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Hard Money Loans 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.
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.
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.
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.