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Hard Money Loans in Whittier
Whittier's older housing stock creates consistent fix-and-flip opportunities. Most deals involve properties needing cosmetic updates or full renovations.
Hard money fills the speed gap when traditional financing moves too slow. Investors use these loans to lock down distressed properties before competitors can act.
Approval hinges on property value after repair, not your credit score. Lenders care about the deal, not your W-2 or tax returns.
You need skin in the game. Most hard money lenders require 20-30% down, sometimes more for riskier projects.
Credit matters less than experience. First-time flippers face tighter terms than investors with completed projects.
Lenders underwrite the property's after-repair value and your exit strategy. Show them comparable sales that justify your renovation plan.
Rates run 9-14% with 2-5 points upfront. These aren't cheap loans—they're speed and flexibility tools.
Terms max out at 12-24 months because lenders expect you to renovate and refinance or sell. Miss your timeline and extension fees pile up fast.
Not all hard money lenders fund the same deals. Some won't touch properties over a certain age or requiring foundation work.
Most Whittier investors use hard money for acquisition, then refinance to DSCR loans after rehab. That's the cost-effective play.
Watch your renovation budget closely. Lenders fund based on projected value, but cost overruns come from your pocket.
Spring for an experienced contractor with verifiable references. Lenders scrutinize your renovation team because delays kill their returns too.
Bridge loans offer lower rates but stricter qualifying. Hard money beats bridge when you need speed or have credit issues.
DSCR loans cost half as much but take four weeks to fund. Use DSCR for rental refinances, hard money for acquisitions.
Construction loans fund renovations but require detailed draws and inspections. Hard money gives you lump-sum flexibility.
Whittier's Uptown district sees steady investor activity. Older homes near Greenleaf Avenue respond well to cosmetic upgrades.
Permit timelines in Los Angeles County run 4-8 weeks for standard renovations. Factor this into your hard money term when planning major work.
Properties near the 605 freeway attract renters and buyers faster. Location impacts your exit strategy timeline and lender confidence.
Most deals close in 7-14 days once you submit a complete application. Some lenders can fund in 5 days for simple transactions with strong deals.
Expect to put down 20-30% of the purchase price. First-time investors or complex projects may require 35-40% down.
Yes. Hard money lenders focus on property value and your renovation plan, not credit scores. Previous foreclosures or bankruptcies rarely disqualify you.
Rates typically run 9-14% depending on loan-to-value and project risk. You'll also pay 2-5 points upfront at closing.
Many lenders hold renovation funds in escrow and release them in draws after inspections. Others provide lump-sum funding if you have contractor experience.
You'll pay extension fees, usually 1-2% per month. Plan your timeline conservatively and budget for potential delays with permits or contractors.
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.