WHY KEVIN
Why Choose Us for Hard Money Loans in San Jose?
For more than two decades, we have been providing residential and commercial hard money loans in San Jose and surrounding areas. In addition, if you are new to investing in property, we can help educate you on the different hard money loan types available, so you can make more informed decisions when choosing the best options for you to purchase a new property in San Jose.
With over a million inhabitants, San Jose is one of the California Bay area's major hubs. Each year, hundreds of new units are built and the neighborhoods continue to grow. This is why investing in property in San Jose is a wise choice for realtors, real estate investors, and mortgage brokers.
THE PROGRAM
San Jose Hard Money Loan Program
Loan Application Approval Timeline
Approvals typically 12 to 24 hours
Loan Terms
Terms quoted per transaction
Fees
Pricing quoted per transaction - no rate sheet
Time to Fund Loan
Closings typically 5 to 21 days
THE MARKET
It's Your Turn to Invest in San Jose, CA, Properties
Currently, the real estate industry in San Jose is booming, whereas rental properties are extremely hot investments. This is because a lot of Californians aren't able to afford to buy property at this time, so they are renting instead. Thus, San Jose neighborhoods are expected to grow and flourish over the next several years. Therefore, the time is right for investing in property in the region.
Hard money loans are much easier to get in San Jose than bank loans that make you jump through hoops. And because you are using real property as collateral for hard money loans in San Jose, private moneylenders are not so concerned about your credit score or income verification.
We offer a variety of hard money loan types in San Jose, CA, and surrounding areas, including bridge loans and residential and commercial hard money loans. A short-term bridge loan typically lasts around a year and can provide you with the funds you need to finance your next investment project in the San Jose area.
The property comes first.
Questions on a specific deal? Call 415.793.3403.
FUNDED
Recently Funded Loans
WHERE AND WHAT
Where Kevin lends
With the heaviest concentration in the San Francisco Bay Area, Los Angeles County, Orange County, San Diego County, Sacramento County, Santa Barbara County, Ventura County and the Lake Tahoe basin.
Ten other states
Also Hawaii, Oregon, Washington, Colorado, Utah, Wyoming, Montana, Texas, Florida and New York. Other states case by case. Minimum loan size is $250,000 in California and $1,000,000 outside it.
Property types
Commercial, multifamily/apartment buildings, mixed use, SFR 1-4 units, condos/townhomes, office, industrial, retail, and medical buildings. Special use, land, and construction on a case by case basis.
Business purpose only. Investment, commercial and non-owner-occupied property.
THE PROCESS
Fast and Easy Process for Commercial Hard Money Loans in San Jose
Applying for a commercial hard money loan is pretty straightforward. Here is a sample process:
Contact: Call Kevin at 415-793-3403, or email kevin@privatefundsdirect.com to schedule an initial consultation.
Pre-Qualification: Before the loan process actually begins, and is usually the first step after initial contact is made. In a pre-qualification, the lender gathers information about the borrower and property being used as collateral for the loan. The property itself is typically the single most important factor when determining whether or not to move forward in the loan process. Other factors, to a lesser degree, include borrower credit and financial stability.
Filling Out a Loan Application: This is where the application really starts. For some other types of loans, the application takes place a day or two after your pre-qualification. For commercial hard money loans, the application takes place on the same day.
Processing: Once the application is finished, your loan will begin processing. If it's required, your credit report will be ordered, and the appraisal on the property that will be used as collateral for the loan is completed. After collecting all requirements, the processor will then submit all the documents to the underwriter for review.
Underwriting: The underwriter assesses whether the risk of lending to you is acceptable. They will review all of the documentation collected by the processor and determine whether or not to approve your loan. Underwriters on hard money loans focus more on the collateral value than on your income or credit, making it easier to get approved.
Approval: Once approved, you will be provided with a commitment letter that tells you all the terms and conditions of your loan. It is important to review and go through this letter with your lender to make sure you understand everything. You will typically need to purchase insurance that covers damage, fire, and theft before the loan closes.
Closing: The final stage is where you will sign all the loan documents and pay any closing costs. After your lender signs all the documents, an escrow agent will hold onto the loan until everything is paid off.
The property is the single most important factor.
Questions on a specific deal? Call 415.793.3403.
THE BASICS
What Is a Hard Money Loan?
A hard money loan is a type of loan provided to you by companies or private lenders that are not involved with any kind of financial institution. These are short-term loans with higher interest rates than bank loans, secured by property, which is referred to as collateral.
Bank loans may have lower interest rates and longer terms, but many people avoid them for several reasons. Not only do you need an excellent credit rating to qualify, but a verifiable financial history is also required to be eligible for a bank loan in San Jose. And even if you are approved, it can take months for the approved funds to be useable. While a bank is mainly concerned about your credit score, a hard money lender is more interested in the equity of your property.
One person reads the file and makes the call.
Licensed in California real estate since 1998. DRE #01241542 · NMLS #1130752.