Hard money loan FAQ
With the growth of our audience, we frequently get common questions like “how to get a hard money loan,” “how fast is it,” etc. Thus, we decided to do a “Frequently Asked Questions” article where gathered all the common questions.
1. How to get a hard money loan?
To apply for a hard money loan, please, submit a form on our website or call our loan advisor at (818) 761-7234
2. How fast can I get a hard money loan?
LBC Capital has an instant approval process. We underwrite loans within 24 hours and close deals within 7 days.
3. Can I get a loan if I have a bad credit score?
It is possible to get a hard money loan if you have a bad credit score. Usually, lenders take income, collateral, and debt into consideration. Moreover, a relationship with a lender plays an important role as well.
4. Does a hard money loan go on my credit report?
Usually, hard money loans do not go on a borrower’s credit report.
5. What documents do I need to get a hard money loan?
Basically, hard money lenders require these documents:
– purchase contract
– preliminary title report
– two forms of identification
– proof of funds letter
– proof of insurance
– optional items may include loan application, credit report, copy of a lease, or rent roll if it is a rental property.
6. How much money can I get with a hard money loan?
LBC Capital is ready to lend from $50,000 up to $25,000,000
7. What are the benefits of getting a hard money loan?
– getting a hard money loan is a much easier process than getting a bank loan: a borrower doesn’t need to provide a tone of documents;
– speed: getting a hard money loan is much faster than getting a bank loan, and it takes only 24 h;
established relationship: If you have shown a history of honoring the terms of the contract and paying your loan back on time, or even early, the lender will likely want to work with you in the future
8. How much LTV (Loan-to-Value) can I get?
Usually, LBC Capital covers up to 75% of LTV. However, it may depend on the type of deal. So, it’s better to figure it out with your lender.
9. What happens if I default on a hard money loan?
If a borrower defaults on a hard money loan, then a lender starts a foreclosure process and takes the property (collateral) into their own possession or puts it up for sale at auction.
10. What hard money loan programs do you have?
LBC Capital has 6 hard money loan programs for all types of properties: fix and flip, commercial, constructional, and lend. Please, contact our loan advisor at (818) 761-7234 to choose the best for you.
11. Are you a direct lender?
LBC Capital is a direct lender, so you do not need to wait weeks or even months till we close a deal. However, it takes up to 7 days to close a deal.
LBC Capital is a top Californian hard money lender where you can get a hard money loan fast, securely, and without any stress. We have our own fund, so you don’t have to wait for a long time till your loan is approved (it takes only up to 24 h). Another great benefit is if you need an enormous loan amount, we are ready to give it to you. We offer loans from $ 50,000 up to $ 25 million. With over 15 years of experience and more than 7500+ closed deals, we can guarantee the reliability and security of the deal.
If you are looking for a private lender, we are available in California, Washington, DC., Florida, Texas, and North Carolina. In addition, Nevada and Arizona are coming soon.
Check our recent article on does a hard money loan appears on a credit report here.
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