Hard Money Loans In San Diego, CA
In San Diego, CA, RTI Bridge Loans offers many different types of hard money loans, including fix and flip loans, private money loans, bridge loans, construction loans, commercial property loans, and much more for every financing need. Hard Money Loans in San Diego are a quick way to borrow money without jumping through the hoops that banks make you go through, and in the booming San Diego real estate, there has never been a better time to begin investing. Right now, rental properties are hot investments, as many Californians can’t afford homes and are opting to rent. Call RTI Bridge Loans today to learn more about your Hard Money Loan options in San Diego, CA.
Fix And Flip Loans In San Diego, CA
San Diego hosts a large population (upwards of 1.5 million), and the neighborhoods continue to grow and change. This is where fix and flip projects come in to play – one of the most popular hard money loans in the area. Fix and Flip Loans are a type of hard money loan used by investors who like to buy new properties, renovate them, and sell them for a high profit. This is the perfect type of loan option for fix and flip projects because they are short-term – just enough time for the property to be renovated. After the property is sold, the loan is paid back in full. RTI Bridge Loans has over 30 years of experience financing fix and flip projects – contact them today to learn more about the San Diego neighborhoods and how you can begin fixing and flipping your own projects!
What Is A Hard Money Loan?
If you don’t want to wait for a traditional bank loan or you don’t qualify for one, a hard money loan might be your best option. Hard money loans are a quick way to borrow money without using traditional mortgage lenders. Companies or investors lend you money based on the property you want to purchase (often referred to as the collateral). These are short-term loans that usually last a year, and there are many types of hard money loans, including private, fix and flip, bridge loans, and more. They all have different reasons for using them, but the rules are pretty much the same for each type. The best thing about hard money loans is that you don’t need to jump through dozens of hoops to get one like you would have to with a traditional bank loan.
Private Money Loans In San Diego, CA
Serving San Diego and surrounding areas such as Los Angeles, RTI Bridge Loans is a Private Money Lender that specializes in providing these types of hard money loans. Private money loans are a lot like hard money loans – they are short-term loans, usually lasting about a year, with high interest and real property used as collateral. Home to over 1.5 million people, you can expect to see the San Diego neighborhoods continue to grow over the next decade, and now is the time to invest. RTI Bridge Loans can help provide you with private money loans in San Diego, CA, and will help you finance your next project within the area.
Top Benefits Of Hard Money Loans
There are many reasons why RTI Bridge Loans has new customers every day and a constant return of old customers – hard money loans have so many positive benefits that have people continuously interested. For starters, they are extremely fast! Hard money loans, compared to traditional bank loans, are speedy, and money is usually funded within a few days (2 weeks max). Traditional bank loans can take upwards of 2 months to receive because they have to check every inch of your personal financing background, and unless you’re perfect, you’ll most likely be denied. Private money lenders are so fast because they don’t look at your background; they are only interested in the property you are placing as collateral.
Hard money lenders also provide funding for projects that banks would usually turn down. For example, Fix and Flip Loans are something a bank just simply wouldn’t understand. You’d most likely be instantly denied. Hard money lenders see fix and flip projects as a way to make a lot of money, and will most likely fund your fix and flip project.
Lastly, hard money loans are extremely flexible. Compared to traditional bank loans, there are way less rules, restrictions, and guidelines that need to be followed. Though they are considered more of a ‘last resort’ option, people tend to forget that the terms of hard money loans make opting for one an easy choice. Contact RTI Bridge Loans today for more information.
Top Disadvantages Of Hard Money Loans
There are a few reasons why people are scared of Hard Money Lenders, and it makes complete sense. If you are not prepared fully with a solid repayment plan, you can potentially lose the collateral property you are investing in. On top of that, interest rates are way higher than traditional bank loans. The interest rates are higher due to the risk both you and the lender must go through in order to make the hard money loan happen – rates are usually between 9-15%.
Hard money loans are risky, short-term, and considered ‘last resort,’ so be careful when you opt for one. Loan terms usually only last between six months and one year, and you need to have a solid repayment plan, or your lender may turn you down. Consider these disadvantages before you choose to invest in a hard money loan.
The Different Types Of Hard Money Loans
There are many different Hard Money Loan types that are meant for different projects. For example, fix and flip loans are for fix and flip projects, and commercial hard money loans are meant for investing in commercial property. There are other loan types, including bridge loans, private money loans, hard money loans (general terms), and much more. Let’s take a look at the most popular types of hard money loans.
Bridge loans are a hard money loan type meant for people who are trying to secure a new property, but they are still waiting to sell their old property. This is a great option for people who are ready to move and don’t want to sit around and wait in the same area for their house to sell. Bridge loan terms usually last around a year – enough time to sell the old property and move into the new one.
Fix And Flip Loans:
In San Diego, CA, Fix and Flip Loans are extremely popular due to all the houses that need renovating and selling. Fix and Flip Loans are exactly how they sound, the lender gives the investor enough money to buy a new property, with a loan term (roughly one year) that lasts long enough to renovate the property and sell it for a nice profit. When the property is sold, the loan is paid back.
Hard Money Loans:
Hard Money Loans are the general term that classifies all the types of loans, including bridge, private, commercial, fix and flip, etc. They are short-term loans with high-interest rates – usually, the monthly payment is interest-only. Hard money loans are secured by real property (collateral), and failing to make payments will result in the lender selling the property in order to get their money back.
Contact RTI Bridge Loans in San Diego, CA at (562) 857-2285 for any questions or concerns you may have regarding the limitations of hard money loans.