Residential Home Loans
We offer Private Money for California property owners who cannot wait, or cannot qualify for conventional loans. Rates, terms and fees are higher than traditional lenders, however we are a source of capital when institutional lenders, for whatever reason, are unable to lend. We provide 1st and 2nd loans secured by California Real Estate.
Regardless of the property type, qualifying varies greatly depending upon the purpose for the loan. The first question we need to ask ourselves is whether the loan is primarily for “Consumer” or “Business Use”? From there, we will know which path to take in order to quickly qualify the loan.
Please don’t compare to banks who won’t lend you the money?
Banks often post very low rates that everyone must stare at while waiting in their Teller Line to make a deposit. But ask yourself just one question: Have you ever tried to get a loan from a bank? Forget about it!
Comparing “Private Money Rates” with “Bank Rates” is like comparing apples with oranges!
Don’t compare us to a bank that won’t lend you the money. Private Money is more expensive, but with sufficient equity, we’re usually able to fund your loan.
If you’re able to qualify conventionally and don’t have an issue waiting four months to obtain your loan, that’s definitely the smart road to travel. On the other hand, if you can’t qualify conventionally (for a bank loan) we offer a great alternative… “Private Monday Financing”.
Consumer Purpose Loans
If your loan is primarily for Consumer Purposes, by law we must verify that you can reasonably afford payments. Frankly, we’ll want to know this anyway, even if for Business Purposes. Regardless of the purpose, it’s really quite simple. We won’t make the loan if we feel you won’t make the payments.
All monthly obligations must be taken into consideration to determine affordability. As a direct private lender, our decision is based primarily on just two criteria:
- Equity – Sufficient collateral in the Real Estate
- Ability to Pay – Can you reasonably afford payments?
Verification of income and expenses is required for all Consumer Purpose loans. This can easily be accomplished by running a credit report and you providing us with the following documentation:
- 30-days most recent pay stubs
- Two years most recent W-2’s
- Two years most recent tax returns
Finish Construction Loans
If your project is as far along as this picture, with sufficient equity and reasonable ability to pay we can usually provide the financing you need to complete construction. IMPORTANT: Sufficient equity is determined by looking at “as is” value, and not “projected” value once the project is completed.
Sorry but we are not interested in making loans for ground-up construction, or unimproved raw land.
Business Purpose Loan
Business Purpose loans are quicker and easier to approve. Equity can be more a mitigating factor when the loan is primarily for business purposes. But again, we want to see that you will be able to reasonably afford payments.
Independent verification of the borrower’s income and liabilities is not required; nevertheless, we will not make a loan unless the borrower can demonstrate reasonable ability to pay.
There must be supporting documentation that the loan is primarily for Business Purposes, and Borrowers must have a legitimate exit strategy.
Common Sense Underwriting
Based Primarily on Equity
Purchase or Refinance
Remodel – Fix and Flip
Loans for Any Purpose
Consumer or Business Use
Owner or Non-Owner Occupied
Salaried, Self-Employed or Retired
Homes – Mixed-Use – Commercial
Apartment Buildings – Retail – Industrial
All Credit Accepted
No Minimum FICO Credit Score