Question 1

How fast can hard money close in Alturas?

Accepted Answer

Most deals close in 7-14 days once appraisal completes. Alturas appraisals can take 10-14 days due to limited local appraisers.

Question 2

What down payment do I need for hard money?

Accepted Answer

Expect 30-40% down minimum. Lenders base this on current property value or purchase price, whichever is lower.

Question 3

Can I use hard money for a primary residence?

Accepted Answer

Hard money is designed for investment properties. For primary homes, conventional or FHA loans offer better rates and terms.

Question 4

What happens if I can't refinance before the term ends?

Accepted Answer

Most lenders offer extensions at higher rates. Better plan is to start your refinance at month 3, not month 11.

Question 5

Do hard money lenders care about my income?

Accepted Answer

Not much. They focus on property value and your equity position, not tax returns or W-2s.

Question 6

What's considered a good exit strategy?

Accepted Answer

Either a clear renovation timeline with refinance into DSCR or conventional, or a specific resale plan with market comps supporting your price.

Hard Money Loans in Alturas: Fast Funding for Investment Properties