Question 1

How fast can a hard money loan close in Lake Forest?

Accepted Answer

Many hard money loans close in 7-14 days. The property needs to be clear and the lender's draw schedule agreed upon first.

Question 2

What credit score do I need for hard money?

Accepted Answer

Most lenders want a 600+ score, but some go lower. The deal strength matters more than the score.

Question 3

Can I use hard money to buy a rental property?

Accepted Answer

You can buy with hard money, but it's short-term. Most investors refinance into a DSCR loan once the property is stabilized.

Question 4

What is ARV and why does it matter?

Accepted Answer

ARV stands for after-repair value — what the property is worth after renovation. Lenders base your loan amount on this number.

Question 5

Are hard money rates higher than conventional rates?

Accepted Answer

Yes, significantly higher. Hard money rates are the price of speed and flexibility. Rates vary by borrower profile and market conditions.

Question 6

How many points do hard money lenders charge in Orange County?

Accepted Answer

Typically 2-4 points upfront. Lenders vary — shopping multiple options through a broker saves real money here.

Hard Money Loans in Lake Forest, CA