Question 1

How fast can I close a hard money loan in Torrance?

Accepted Answer

Most deals close in 7-14 days once you have a signed purchase contract. Some lenders fund in 5 days for simple acquisitions without construction components.

Question 2

What credit score do I need for hard money?

Accepted Answer

Many lenders have no minimum credit score. They focus on the deal's loan-to-value ratio and your exit strategy, not your personal credit history.

Question 3

Can I use hard money for a primary residence purchase in Torrance?

Accepted Answer

No. Hard money loans are investment property only. Lenders structure these as business purpose loans exempt from traditional mortgage regulations.

Question 4

What's the maximum loan-to-value for Torrance properties?

Accepted Answer

Expect 65-75% LTV on purchase price or after-repair value. Higher LTV costs more in rate and points but some lenders go to 80%.

Question 5

Do hard money lenders verify income or employment?

Accepted Answer

No. These are asset-based loans focused on property value and your equity position. You don't need tax returns, W-2s, or employment verification.

Question 6

Can I extend a hard money loan past the initial term?

Accepted Answer

Most lenders offer 6-12 month extensions for a fee if your project runs long. Rates vary by borrower profile and market conditions during the extension.

Hard Money Loans in Torrance: Fast Funding for South Bay Real Estate Investors