Question 1

How fast can I close with a hard money loan in Del Mar?

Accepted Answer

Typical close is 7–14 days for pre-approved borrowers with clear title and a solid exit plan. Conventional loans take 30–45 days. Speed is hard money's main advantage in a competitive market.

Question 2

Do I need to prove income to qualify for hard money?

Accepted Answer

Hard money lenders focus on collateral and exit strategy, not employment history. Plan on a FICO of 620+ and clear equity, with no W-2s or tax returns required.

Question 3

What's the typical interest rate on a hard money loan in California?

Accepted Answer

Rates run 8–12% depending on loan-to-value, property condition, and your experience. Origination fees add 2–5 points upfront. Rates are higher than conventional because the loan term is short (12–24 months) and the underwriting is faster.

Question 4

Can I use hard money to buy a primary residence in Del Mar?

Accepted Answer

Yes, but it's rarely the best choice. Hard money works for investors and experienced buyers with equity and a clear exit plan. First-time homebuyers should explore conventional or FHA loans—they'll cost less over time.

Question 5

What down payment do I need for a hard money loan?

Accepted Answer

Typically 20–40% depending on property condition and your track record. Lenders focus on loan-to-value (65–80% typical) rather than a fixed down-payment percentage. Collateral quality matters more than the exact amount down.

Hard Money Loans in Del Mar: Fast Funding for Investment & Bridge Scenarios