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Hard Money Loans in Mammoth Lakes
Mammoth Lakes runs on seasonal velocity. Investors need capital that moves faster than traditional bank timelines.
Hard money loans fund in 7-14 days, not 45. That speed matters when acquiring ski-in properties or distressed vacation rentals before spring market heats up.
Lenders focus on property value, not your credit score. Most approve with 600+ FICO if the asset makes sense.
Expect 60-75% loan-to-value on purchase, 65-70% on refinance. Loan amounts start at $75K with no practical ceiling for strong projects.
California has 40+ active hard money lenders. Half won't touch mountain resort markets due to seasonal risk and lack of comparable sales.
The lenders who work Mammoth Lakes price for elevation, seasonality, and vacation rental income volatility. Rate spreads between lenders can hit 3-4 points on identical deals.
I see rates from 8.5% to 13% depending on lender and property condition. Points range from 2-5 upfront.
Best use case: buying a distressed condo for $400K, putting $100K into renovation, refinancing to DSCR loan at $650K value in six months. Bank loans can't move that fast.
Bridge loans offer similar speed but require stronger credit and lower leverage. DSCR loans take 30 days but provide better rates for stabilized rentals.
Hard money wins when speed trumps cost or when property condition blocks traditional financing. Once renovated, most borrowers refinance to conventional or DSCR products.
Mammoth's vacation rental market creates unique collateral challenges. Lenders want 12-month income history, but many properties sit vacant shoulder seasons.
Winter access issues affect appraisals and construction timelines. Smart investors close in fall, renovate through winter, and list by Memorial Day when values peak.
Most lenders fund in 7-14 days with clear title and acceptable appraisal. Cash-out refinances often close faster than purchases.
Most lenders approve at 600+ FICO, some go to 580. The property's value and your exit strategy matter more than credit history.
Yes, but lenders underwrite based on property value, not rental income. Plan to refinance to a DSCR loan once stabilized.
Always. Mountain properties need local appraisers familiar with seasonal markets and vacation rental comparable sales.
Most investors refinance to DSCR loans after renovation or sell during peak spring-summer season. Few hold hard money past 12 months.
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.