When you need cash fast, it can be difficult to know where to get the funds when you’re in a bind. Many people turn to hard money loans because of how quickly they are to obtain and because they don’t come with a lot of strings attached. It’s important to understand the benefits of hard money loans and how you can obtain them in Santa Barbara.
What is the best way to get a hard money loan in Santa Barbara?
The best way to obtain a hard money loan in Santa Barbara is by going through the loan application process through hard money lenders. You’ll need to provide details about your property and the forecasted plan.
In many cases, you can be pre-approved for the loan in minutes to ensure you can move forward with your plans without any delays. You’ll obtain a written offer within 24 hours and have a better chance of getting approved compared to trying to obtain a conventional loan.
How Our Hard Money Lenders Can Help You Finance in Santa Barbara
When you need a Santa Barbara loan, hard money lenders can give you the financing you need to secure a property that you want to immediately make an offer on and secure. The loans are funded based on the property value.
Private money is used to finance the loan, making it easy to move quickly in the real estate market without losing out on a property because you’re waiting to get approved. This process doesn’t require waiting for the loan to be transferred to ensure you can move faster when bidding on different types of properties without the risk of losing to another buyer or investor.
Types of Loans
There are a few main loans that borrowers try to obtain when they need financing. The loans include personal loans, credit card loans, home loans, cash advances, payday loans, and small business loans. Personal loans can be used for any type of purchase. Credit card loans can be used on all types of purchases and can come with an interest rate as high as 16.88 percent APR.
Home-equity loans use your residential property as collateral and require borrowing against the equity you have accumulated on your home. Small business loans are used to set up new businesses and are available through banks. Cash advances make it possible to use your credit card to get a short-term cash loan at an ATM or bank.
Our Process
When you submit an application and provide your information to the hard money lender, you can get a written response within 24 hours, which will detail if you’re approved and the terms of the loan. You can even receive a quote within an hour of submitting a request, making it a more efficient process than applying for other types of loans through large banks and financial institutions.
Our team contacts escrow and handles all of the paperwork involved for added convenience. We will even finalize the process by wiring the funds directly to the Title once all the documents are signed.
Monthly payments are easy to make via the mail, phone, or direct deposit once the loan is issued and all the documents are completed.
How much does a hard money loan cost in Santa Barbara?
The average cost to borrow money with a hard money loan in Santa Barbara is 7.5 percent to 15 percent. The interest rate is influenced by your credit score and the lender that you work with when you’re obtaining financing. You may also need to pay a down payment of 10 to 50 percent of the loan amount to ensure you can secure it with the lender.
The interest rate and overall cost are also determined by the amount of money that the lender borrows. Additionally, the level of risk for the lender to provide the money to the borrower can increase the cost of the loan.
Essential Documents required for Buying the Loan in Santa Barbara
There are a few main documents you’ll need to provide to buy a loan in Santa Barbara. This includes the note and a deed of trust. Additional documentation may vary depending on your situation and the lender. It may include a personal guarantee from the borrower and personal finance statements like tax returns.
Be prepared to provide proof of income before you can qualify for a loan to ensure you can prove you’ll be capable of repaying the funds. This will assure the lender that you can make the required loan payments without increasing your debt-to-income ratio.
Why do clients trust us?
Clients trust us because we provide fast funding for real estate properties. We have a solid reputation in the industry and work hard to communicate all the details to ensure the borrower understands the terms of the hard money loan. We have a detailed and thorough process while working quickly without cutting any corners.
Our team responds quickly to inquiries and questions to better accommodate clients and help them meet their goals and requests. This can allow you to keep up with the fast pace of the real estate market and stay competitive to ensure you get the deals you’re looking for without losing out due to delays with your loan applications. You can get started on your business ventures with the help of hard money lenders that are reputable and established in the industry.
Loans Recently Funded by Our Hard Money Lenders in Santa Barbara
The loans that were recently funded by our hard money lenders in Santa Barbara include cash-out refinance loans, home equity, and mortgage loans.
By understanding what is required to obtain a loan through a hard money lender in Santa Barbara, you can be more prepared to apply and secure your financing. This can allow you to obtain the funds you need and enjoy a smooth process and transaction with qualified lenders you can trust.