Question 1

How fast can I close on a hard money loan in Whittier?

Accepted Answer

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.

Question 2

What down payment do I need for a Whittier fix-and-flip?

Accepted Answer

Expect to put down 20-30% of the purchase price. First-time investors or complex projects may require 35-40% down.

Question 3

Can I use hard money if I have bad credit?

Accepted Answer

Yes. Hard money lenders focus on property value and your renovation plan, not credit scores. Previous foreclosures or bankruptcies rarely disqualify you.

Question 4

What interest rate should I expect in Whittier?

Accepted Answer

Rates typically run 9-14% depending on loan-to-value and project risk. You'll also pay 2-5 points upfront at closing.

Question 5

Do hard money lenders fund renovation costs?

Accepted Answer

Many lenders hold renovation funds in escrow and release them in draws after inspections. Others provide lump-sum funding if you have contractor experience.

Question 6

What happens if my Whittier flip takes longer than expected?

Accepted Answer

You'll pay extension fees, usually 1-2% per month. Plan your timeline conservatively and budget for potential delays with permits or contractors.

Hard Money Loans in Whittier: Fast Capital for Fix-and-Flip Investors