Question 1

How fast can I close on a hard money loan in Soledad?

Accepted Answer

Most deals close in 10-14 days once the property appraisal completes. All-cash equivalent speed without tying up your capital.

Question 2

What if my renovation takes longer than 12 months?

Accepted Answer

Lenders charge 1-2 points for a 6-month extension. Better strategy: refinance into a DSCR loan at month 10 if the property will cash flow as a rental.

Question 3

Can I use hard money for a primary residence purchase?

Accepted Answer

No. Hard money is for investment properties only. If you need fast closing on a primary home, look at bridge loans instead.

Question 4

Do hard money lenders check my credit score?

Accepted Answer

They pull credit but focus on the property's value. Scores above 600 work for most lenders. Bankruptcies over 2 years old typically don't disqualify you.

Question 5

What happens if the property doesn't sell in 12 months?

Accepted Answer

You'll need an extension or refinance. Many investors convert to DSCR rental loans rather than paying extension fees if the market slows.

Hard Money Loans in Soledad: Fast Capital for Fix-and-Flip Projects