Question 1

How fast can I close a hard money loan in Salinas?

Accepted Answer

Most deals close in 7-14 days when docs are ready. The property appraisal or BPO is usually the longest step.

Question 2

What's a typical hard money interest rate?

Accepted Answer

Rates vary by borrower profile and market conditions. Expect higher rates than conventional loans — you're paying for speed and flexibility.

Question 3

Can I use hard money for a rental property in Salinas?

Accepted Answer

Yes, but hard money is short-term. Most investors refinance into a DSCR loan once the property is stabilized.

Question 4

Do hard money lenders care about my credit score?

Accepted Answer

Less than conventional lenders, but it still factors into rate and terms. A stronger score gets you better pricing.

Question 5

What is ARV and why does it matter?

Accepted Answer

ARV means after-repair value — what the property is worth after renovation. Lenders base your max loan amount on this figure.

Question 6

How many points do hard money lenders charge?

Accepted Answer

Typically 2-4 points upfront. Always model total cost including points, not just the interest rate.

Hard Money Loans in Salinas, CA