Question 1

How fast can hard money loans close in Hillsborough?

Accepted Answer

Most close in 5-10 days once you have a purchase contract. Some lenders fund in 72 hours for straightforward deals with strong exit strategies.

Question 2

What down payment do hard money lenders require?

Accepted Answer

Expect 25-35% down based on as-is value or after-repair value. Higher LTV exists but costs more in rate and points.

Question 3

Can I use hard money for a primary residence?

Accepted Answer

Legally yes, practically no. These loans make sense for investment properties and flips, not homes you'll occupy long-term given the cost.

Question 4

What happens if my renovation takes longer than expected?

Accepted Answer

You'll pay extension fees of 1-2% monthly after maturity. Budget timeline conservatively or have refinance backup planned.

Question 5

Do hard money lenders check credit scores?

Accepted Answer

Most don't require minimum scores. They care about property value and your exit strategy more than credit history.

Question 6

Can I refinance from hard money to conventional?

Accepted Answer

Yes, most investors refinance after renovations complete. Plan this from day one — it's how you escape the high rates.

Hard Money Loans in Hillsborough: Fast Capital for High-Value Properties