Question 1

How fast can hard money loans close in San Mateo?

Accepted Answer

Most hard money loans close in 7-14 days once you submit complete documentation. Some lenders can close in as little as 5 days for straightforward deals with experienced investors.

Question 2

What property types qualify for hard money in San Mateo?

Accepted Answer

Single-family homes, condos, multi-family properties, and some commercial properties qualify. Lenders evaluate each property's value and marketability rather than focusing solely on property type.

Question 3

Can I use hard money for a primary residence purchase in San Mateo?

Accepted Answer

Hard money loans work primarily for investment properties. If you're buying a primary residence, conventional or FHA loans offer better rates and terms for owner-occupied homes.

Question 4

What happens if my renovation takes longer than expected?

Accepted Answer

Most lenders offer extension options for additional fees. Planning conservative timelines and maintaining communication with your lender helps avoid problems if delays occur.

Question 5

Do I need real estate investing experience for hard money approval?

Accepted Answer

Experience helps but isn't always required. First-time investors can qualify with strong deals, solid exit strategies, and sometimes by partnering with experienced contractors or co-borrowers.

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