Question 1

What credit score do I need for hard money in Sand City?

Accepted Answer

Most hard money lenders don't have minimums. Some want 600+, but the property and your down payment matter far more than your credit score.

Question 2

How fast can I close a hard money loan?

Accepted Answer

We close most hard money deals in 7-14 days. All-cash proof of funds and clear title can push that to 5 days with the right lender.

Question 3

Can I use hard money for owner-occupied properties?

Accepted Answer

Rarely. Hard money is for investment properties and business purpose loans. A few lenders do owner-occupied deals, but expect tougher terms and longer timelines.

Question 4

What's a typical rate and fee structure?

Accepted Answer

Rates run 8-14% with 2-5 points in origination fees. Your specific deal, down payment, and exit strategy determine where you land in that range.

Question 5

Do hard money lenders care about my other debts?

Accepted Answer

Not usually. They underwrite the property's value and your ability to execute the project. Personal debt-to-income ratios don't apply like they do with conventional loans.

Question 6

What happens if my rehab takes longer than expected?

Accepted Answer

You'll need a loan extension, which costs 1-2% of the balance. Build timeline cushion into your initial term or line up refinancing early to avoid this.

Hard Money Loans in Sand City: Fast Capital for Investment Properties