As a direct hard money lender and private money lender in California, North Coast Financial has multiple sources of capital to fund your hard money loan request. Private money sources allow for more flexible and faster funding options than traditional means of capital such as banks, credit unions and other institutional lenders.
We provide private, short-term California hard money loans for real estate investors for various real estate transactions such as fix and flip loans, trustee sale refinances, distressed property loans (REO loans, short sale loans, foreclosure loans), hard money business loans, real estate auctions that allow financing, private party transactions, estate loans, residential construction loans, cash out refinance loans, subprime loans, hard money rehab loans, reverse mortgage refinance loans, bridge loans and other investment property loans.
North Coast Financial are primarily residential hard money lenders, but also fund commercial hard money loans. Hard money loan amounts available from North Coast Financial range from $20,000 on the low end to jumbo hard money mortgage loans in the millions of dollars. North Coast Financial is one of the few residential hard money mortgage lenders in California able to consider lending on owner occupied hard money loans.
Hard Money Lenders Are a Better Option Than Friends and Family
When a real estate buyer needs funds for the purchase of an investment property, 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. This 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.
Hard Money Lenders Are 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 obtain financing from an experienced hard money lender and to retain 100% of the profits from the sale of the investment property.
Private Money Lenders – Private Mortgage Lenders – Private Money Loans
The terms private money lenders (private mortgage lenders) and hard money lenders are essentially synonymous as they both provide real estate investors and property owners with private money loans that are secured by real estate. With private money lenders the source of the funds is private as opposed to institutional lenders such as banks or credit unions.
Private money lenders may commonly refer to an individual investor who invests their personal capital in trust deeds (loans again real estate). Hard money lenders are frequently thought of as lending firms who find borrowers in need of a private money loan, draft all the disclosures and documents and then fund the hard money mortgage. Regardless of the terminology used to describe the lender, the end result is the same. The private money lender may only lend to business colleagues, friends and family while the hard money lender will be open to lending to any borrower that meets their lending requirements. Hard money lenders often also consider themselves private money lenders and use the two terms interchangeably.
Hard Money Loans for Real Estate Investors & Property Owners
North Coast Financial specializes in providing hard money loans for real estate investors all over California and San Diego County including 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 and Julian. Other areas include Temecula, Palm Springs, Murrieta, Anaheim, Ontario, Newport Beach, and Long Beach. We also provide loans secured by properties in the counties of Los Angeles, Orange County, Riverside, San Bernardino, Ventura, Imperial, San Francisco and the Bay Area and Sacramento as well as other counties in the State of California.
*North Coast Financial will consider hard money mortgage loan requests throughout the country on a case by case basis. Minimum loan amount of $100,000 outside of California. Contact North Coast Financial now for more information.