EXPERIENCED SAN DIEGO, CALIFORNIA HARD MONEY LENDERS
North Coast Financial, Inc. is a San Diego, California hard money lender (private money lenders) with over 34 years of experience. We provide California real estate investors with hard money loans (private money loans) through asset based lending for various real estate projects and transactions including single family residential, multi-family residential, commercial and land.
North Coast Financial and its affiliates have funded over $750,000,000 in hard money loans since 1981. North Coast Financial has many repeat borrowers who continue to come back for hard money loans. Our repeat, satisfied customers are proof that we are a reputable and honest hard money source for those in need of real estate financing.
QUICK APPROVAL – FAST FUNDING – VERY COMPETITIVE RATES
At North Coast Financial, we work closely with our Southern California borrowers to understand their specific needs and deliver exceptional customer service. Loan approvals are completed very quickly and can be approved same day. If timing is a critical issue to the borrower, it is possible to fund the loan within 3 days. Our rates are some of the most competitive in the industry and we don’t charge hidden junk fees. Call us for a free consultation.
FLEXIBLE FUNDING FOR YOUR REAL ESTATE TRANSACTIONS
As a direct lender and private money broker, North Coast Financial has multiple sources of capital to fund your loan request. Private money sources allow for more flexible and faster funding options than traditional means of capital such as banks and other institutional lenders. We provide private money loans for investors purchasing short sales, fix and flip loans, trustee sale refinances, REOs, real estate auctions, private party transactions, residential construction loans, rehab loans, bridge loans and other investment properties. North Coast Financial can also provide financing on owner occupied single family residences.
HARD MONEY IS A BETTER OPTION THAN FRIENDS AND FAMILY
When a real estate buyer needs funds for a purchase, the first thought might be to borrow money from family and friends. Adding a business relationship to an existing family or friend relationship can cause friction and hard feelings for many years to come if the results of the real estate venture are not as expected. It should be pointed out that family and friends are not exempt from the increasingly regulated lending industry. Using an experienced and qualified hard money lender for a loan will exempt that loan from usury laws and it is much safer than trying to guess what documents and disclosures are required by state and federal laws. Even if someone wants to use a family member or friend as a lender, the services of a licensed hard money broker should be utilized to avoid numerous legal problems. Why Use Hard Money Lenders?
HARD MONEY IS LESS EXPENSIVE THAN A PARTNER
When considering the alternatives for funding a real estate purchase, buyers may consider turning to a financial partner. While a partnership may work out well for the buyer, there are many pitfalls that can creep into any partnership, not to mention that the buyer may be giving up some decision making control. In addition, it is not uncommon for a financial partner to require payment of 50% of the profits when the property is sold. A better course of action usually would be to get financing from an experienced hard money lender and to retain 100% of the profits from the sale of the property.
CALIFORNIA HARD MONEY LOANS
North Coast Financial provides California hard money loans for borrowers all over California including San Diego, La Jolla, Del Mar, Carmel Valley, Solana Beach, Encinitas, Pacific Beach, Mission Beach, Ocean Beach, Point Loma, Mission Valley, Downtown San Diego, Chula Vista, National City, Imperial Beach, El Cajon, La Mesa, Lakeside, San Carlos, Ramona, Lemon Grove, Santee, Alpine, Oceanside, Carlsbad, Vista, San Marcos, Escondido, Rancho Bernardo, Rancho Santa Fe, Rancho Penasquitos, Miramar, Mira Mesa, Clairemont, University City, Kearny Mesa, Sorrento Valley, City Heights, Hillcrest, Julian, Temecula, Palm Springs, Murrieta, Anaheim and Long Beach. We also provide loans secured by properties in the counties of Riverside, Los Angeles, Ventura, Imperial, San Bernardino and Orange County as well as other counties in the State of California.
Why Real Estate Investors Use Hard Money Lenders
- The investor needs funds right away to close escrow
Conventional lenders such as banks and credit unions can have a bad reputation for promising to fund a loan for a borrower and then back out during escrow. This usually happens once the conventional lender stumbles across some small detail they weren’t previously aware of. This leaves the real estate investor in a very difficult position as they do not have enough time to get approved for a new conventional loan. This is a perfect situation to utilize the services of a hard / private money lender like North Coast Financial who can approve and fund hard money real estate loans within a week. If necessary, North Coast Financial can fund a loan within 3 days and save a deal from falling out of escrow.
- The investor has a recent foreclosure, short sale, bad credit or bankruptcy on their record
Foreclosures, short sales bad credit and bankruptcies are immediate red flags that will prevent a real estate investor from obtaining financing from a conventional lender. Regardless of the situation that caused these problems, banks will not lend to borrowers with these types of issues on their record for a specified amount of time. Private money lenders like North Coast Financial are different, as they are primarily concerned with the value of the property that will be securing the loan and the amount of equity the real estate investor has invested in the property.
- The investor is taking title in an entity such as an LLC, trust, corporation or non-profit
Banks do not like lending to entities. They want an individual who will be personally responsible for paying off the loan. Because of this it can be very difficult to obtain financing from a conventional lender if the investor plans to take title in an entity. For many investors this drawback prevents them from taking advantage of certain tax and asset protection strategies. With private money lenders, taking title in an entity is not a problem.
- The investor is self-employed or doesn’t have enough employment history in their current position
Conventional lenders don’t like dealing with self-employed borrowers. They prefer to work with a borrower who collects a regular paycheck from a corporation. They also want to see that the borrower has a stable employment history and has been in their current position for at least 2 years. Full-time real estate investors are generally self-employed and don’t have a regular paychecks. San Diego private money lenders like North Coast Financial have no issues with funding loans for individuals who are self-employed or don’t currently have 2 years of employment history.
- The investor doesn’t want an involved and long qualification process
When applying for a conventional loan there is a lot of filling out paperwork and waiting. North Coast Financial has a short, standard loan application. Once completed and returned, the approval process can be done same day. Compare this to a bank’s application process which can take up to 30 days to receive a loan decision.
- The investor owns too many investment properties
Most banks limit the amount of loans per investor to 4. This is an arbitrary number that many banks abide by. It could be an otherwise very good loan for the bank in every other respect, but the bank will still resist approving the fifth loan. North Coast Financial private money lenders are not concerned with how many investment loans a borrower has, they are only concerned with helping the borrower achieve their investment goals.