PB Financial Group has been offering hard money loans to experienced investors in California, who have a verifiable record. We fund up to 60% to 70% LTV and mainly focus on residential projects like fix and flips, buy and hold, and commercial real estate acquisitions. Experience of the investor is the biggest factor that we look at, along with the LTV of the project they have requested assistance with. We fund projects throughout California and can help regardless of the difficulty or size of the project.
We don’t do 100% financing and prefer working with experienced real estate investors. Hard money loans are known as ‘privately funded loans’ because the requirements tend to vary from one lender to the next. Most hard money lenders are only concerned about one thing, and that’s equity protection and the collateral. The rates are going to be higher than conventional loans, but you get faster funding and you can tailor the repayment terms and loan criteria, depending on your situation.
Experienced real estate investors understand that if you want a property, you’ll need to move fast and if you want to purchase a property in a couple of days, a hard money loan is the best option. Traditional loans take time as they tend to get approved in 3 to 10 business days. Some traditional lenders will take 1 to 3 months for loan funding, and since the loans are secured by real estate, they have different guidelines.
Hard money loan lenders fund their money to real estate investors for interest, and they charge higher than average interest rates. The funds can come from a pool of investors or an individual who wants to invest in your loan. Therefore, hard money loans are generally used by real estate investors who want to conduct transactions and want money to leverage. Banks don’t tend to give loans to investors, because banks want proof that they’ll be paid back.
Hard money lenders are useful when you’re short on time as you can gain funds fast without any income or credit checks. Lenders like PB Financial Group can provide funds fast because our loans are funded directly. That means you don’t need to worry about extraordinary amount of conditions, and you can even get a loan if you have bad credit. Our funding criteria is based on the equity in the property and the repayment plan that you have.
Hard money loans are a type of real estate loans and are based on the value of the collateral, instead of your capability of repaying the loan. Here are some of the types of loans:
If you’re looking for hard money loans near me, check out PB Financial Group in California today.