Question 1

How quickly can I close a hard money loan in Redwood City?

Accepted Answer

Most hard money loans close within 7-14 days once you submit a complete application with property details. Some lenders can close in as few as 3-5 days for straightforward deals with experienced borrowers.

Question 2

What credit score do I need for hard money financing?

Accepted Answer

Many hard money lenders approve loans with credit scores as low as 600. Some focus almost entirely on the property's value and your experience rather than credit history.

Question 3

Can I use hard money for a primary residence in Redwood City?

Accepted Answer

Hard money loans are designed for investment properties and business purposes. For primary residences, conventional, FHA, or other owner-occupied loan programs offer much better rates and terms.

Question 4

What happens if my renovation takes longer than expected?

Accepted Answer

Most hard money lenders offer loan extensions for additional fees, typically 1-2 points per extension period. Build buffer time into your original loan term to avoid these extra costs.

Question 5

How much experience do I need to qualify for hard money in San Mateo County?

Accepted Answer

First-time investors can qualify but may pay higher rates or need larger down payments. Partnering with experienced contractors or co-investors strengthens your application significantly.

Hard Money Loans in Redwood City: Fast Financing for Real Estate Investors