Question 1

How fast can I close a hard money loan in San Luis Obispo?

Accepted Answer

Most close in 5-10 business days once you provide property details. Cash-out scenarios take slightly longer for appraisals and title work.

Question 2

What properties don't qualify for hard money in SLO?

Accepted Answer

Lenders avoid properties with title issues, major structural damage, or unclear zoning. Rural parcels outside city limits also face more scrutiny.

Question 3

Can I use hard money for a primary residence purchase?

Accepted Answer

Technically yes, but rates make it impractical. Hard money suits investment properties and short-term bridge scenarios, not owner-occupied homes.

Question 4

What's the typical loan term for hard money?

Accepted Answer

Most fund for 6-24 months. Extensions cost extra. Plan to refinance or sell before the term expires to avoid balloon payment penalties.

Question 5

Do I need reserves for a hard money loan?

Accepted Answer

Many lenders require 6-12 months of reserves. This protects them if renovation takes longer or market conditions shift during your hold period.

Hard Money Loans in San Luis Obispo: Fast Funding for Real Estate Investors