Question 1

How quickly can I close on a hard money loan in Colma?

Accepted Answer

Most hard money lenders can close in 7-14 days once they approve the deal. Some experienced investors with established lender relationships close in as few as 5 days for straightforward acquisitions.

Question 2

What properties qualify for hard money financing in San Mateo County?

Accepted Answer

Single-family homes, multi-family properties, commercial buildings, and land all qualify. The property must have clear value potential that justifies the loan amount after renovations are complete.

Question 3

Can I use hard money loans for rental properties in Colma?

Accepted Answer

Hard money works best for fix-and-flip projects with 6-24 month timelines. For long-term rentals, refinance into a DSCR loan or conventional financing once renovations finish and the property stabilizes.

Question 4

What happens if my renovation takes longer than expected?

Accepted Answer

Most hard money loans include extension options, typically 3-6 months, for additional fees. Budget for potential extensions when calculating total project costs to avoid financial pressure during delays.

Question 5

Do hard money lenders require appraisals in Colma?

Accepted Answer

Yes, lenders order appraisals to determine current value and verify your after-repair value projections. Some use broker price opinions for smaller loans, but most require full appraisals for amounts above $500,000.

Hard Money Loans in Colma: Fast Financing for San Mateo County Real Estate Investors