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Hard Money Loans in Marina
Marina sits in a military-influenced market where redevelopment opportunities create demand for quick-close financing. Former Fort Ord land continues transitioning to residential and mixed-use projects.
Hard money fills gaps when conventional lenders won't touch a property—distressed homes, quick closings, or borrowers with credit issues. Speed matters more than price in this loan category.
Lenders fund based on after-repair value, not your tax returns. They want 20-30% equity in the deal and a clear exit strategy—sell or refinance within 12-24 months.
Credit scores matter less than deal quality. A 580 score works if the property math makes sense and you have experience or a solid rehab plan.
Hard money lenders operate differently than banks. Each has property type preferences—some won't touch condos, others love multifamily. Shopping 10+ lenders reveals $20K-$40K cost differences on a $500K loan.
Local California lenders move faster than national funds because they know Monterey County values. They'll walk properties themselves instead of waiting on third-party reports.
Most borrowers overpay on their first hard money loan because they call one lender directly. Brokers see pricing from 50+ sources daily and know which funds are hungry for deals.
The biggest mistake is using hard money when bridge or DSCR loans cost half as much. Hard money works for properties needing heavy rehab or borrowers who can't wait 30 days.
Bridge loans cost 6-8% with lower fees when the property is habitable and you have decent credit. DSCR loans drop rates to 7-9% if you'll hold the property as a rental.
Hard money makes sense for 3-6 month flips or properties banks won't touch—foundation issues, fire damage, or deals requiring 10-day closings. Otherwise you're paying for speed you don't need.
Marina's proximity to Fort Ord creates unique opportunities—surplus housing stock and redevelopment zones. Lenders familiar with this area understand the value trajectory better than out-of-state funds.
Monterey County permit timelines affect your holding period. Budget 4-6 months for Marina permits on major rehabs. Your hard money terms need to account for this or you'll pay expensive extensions.
Most deals close in 10-14 days with clear title. Some lenders fund in 7 days if you have all documents ready and the property appraises quickly.
Expect 9-12% with 2-4 points upfront. Rates vary by borrower profile and market conditions based on property condition and your experience level.
Technically yes, but it's expensive and impractical. Hard money works best for investment properties you'll flip or refinance within 12 months.
No, but inexperienced borrowers pay higher rates and need stronger deals. First-time flippers should expect 1-2% rate premium and lower LTV.
Most lenders offer 6-month extensions at 1-2 points plus higher monthly rates. Budget for this possibility when calculating deal profitability.
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.