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Residential Hard Money Lender in California

Residential Hard Money Loans

Kevin Green is your go-to source for direct private and hard money loans in California. Contact me, so I can help you quickly get the financing you need.

Kevin Green and Ryker Capital is a California-based company. I fund and finance residential and commercial loans for investors and property owners in California. I can help you fund a variety of residential and commercial properties including SFR’s 1-4, retail shopping centers, industrial buildings, office buildings, and apartment complexes, warehouses, and more. Check us out today!

Why Choose Kevin Green and Ryker Capital for Your Residential Hard Money Loan?

I am a trusted lending professional with over two decades of lending experience. I provide exceptional customer service and lending options to CA investors.

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When it comes to hard money loan needs, it is important to work quickly and efficiently so that funding arrives as soon as possible. My fast, reliable, and straightforward approach to residential hard money lending sets me apart from other private lenders. My experience in the market allows me to know how to prioritize action items that will help you obtain the funding you need when you need it. 

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If you are new to the investment and lending world, my goal is to help educate you and guide you through the process. This creates a mutual understanding each step of the way. I want to provide the best loan options available for your current situation and help you understand how this money will make a difference. 

Residential Hard Money Articles

Residential Hard Money Loan Rates in California

Residential Hard Money Loan Rates

Rates from 7.99-12% with points starting at 1.5-3.5% of the loan amount.

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1st, 2nd, and 3rd mortgages (case by case).

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  • Loans up to 75% of the purchase price, appraised value, or Broker opinion of value

  • No Minimum Fico scores as we look at credit history.

  • Higher LTV”s on a case by case basis with cross collateral.

Hard Money Loan Program

Loan Application Approval Timeline

Same day approval available

Fees

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No appraisal fees (in most situations) and no hidden junk fees

Loan Amounts

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$100,000 to

$20 Million

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Loan Terms

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6 to 36 months

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Time to Fund Loan

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As few as 3-5 days if needed

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Loan to Value (LTV)

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Up to 75% of current value of property

What is a Residential Hard Money Loan?

The high-level answer is that a hard money loan comes from a private, or non-traditional, lender. This type of loan is backed by a tangible asset like real estate that the lender can take ownership on in the event of the borrower defaulting. You may often hear this type of loan referred to as a "bridge loan," because of their short term nature and appeal.

 

A more direct answer is that a residential hard money loan provides borrowers with the cash they need to secure a property with little paperwork and a fast approval process. Much faster than other traditional, big-bank lenders. We understand the importance of needing money fast in investment situations. This is why we offer secure funding quickly to all borrowers.

How do Residential Hard Money Loans Work?

I will loan you money equal to the amount of the property you will be using as collateral in the exchange. This situation allows for the credit score requirements to not be as strict as they are in other lending arrangements. For borrowers with less-than-exceptional credit, hard money loans provide a good option of securing much-needed financing without having to jump through as many approval hoops. 

 

We will go through a quick pre-approval and underwriting process. This ensures all financials are in line before approving the fund transfer to your designated account. You can read more about our approval process in another section. 

Owner-Occupied Hard Money Loans

Owner occupancy refers to the borrower using the collateral property as their primary home. It is important that lenders verify whether borrowers will be living in the home, renting it out, or using it to sell for speculation purposes. Renting comes with more risks for the lender. Typically, borrowers seeking owner-occupied funding do not qualify for conventional loan options. This makes hard money loans the best source of getting the funding you need.

Lending Areas

Lending Geography:
 
All of California, with specific emphasis on the SF Bay Area, Lake Tahoe, Sacramento County, Ventura County, Santa Barbara County, Los Angeles County, Orange County, and San Diego County. Outside of California, I have 1 million dollar minimum loan size requirement. I will lend on purchase or refinance transactions for all types of commercial properties and SFR 1-4 unit owner and non-owner occupied properties. Check list of our lending areas here.

Lendable Property Types

Property types:

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Commercial, multifamily/apartment buildings, mixed use, SFR 1-4 units, condos/townhomes, office, industrial, retail, medical buildings, special use, land, and construction.

All Funded Properties

Fast and Easy Process for a Residential Hard Money Loans

Applying for a residential hard money loan is pretty straightforward. Here is a sample process:

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  1. Contact me over the phone. You can reach me at 415-793-3403. You can also send an email at Kevin@rykercapital.com, so you can schedule an initial consultation.

  2. 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.

  3. 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 residential hard money loans, the application takes place on the same day. The lender will ask you for authorization to check your credit rating (in case it’s required), a letter of explanation stating the purpose of the loan, and bank statements or financial statements as proof of affordability. The lender is required to give you a Good Faith Estimate (GFE). The GFE estimates the loan costs, and it’s required to be given to you no later than three days after your application. Also, a Truth in Lending (TIL) statement must be given to you by the lender. This is a disclosure of the loan’s terms and the interest rate charged for the loan.

  4. 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. This information — along with verification of employment, income, and assets — will be used to determine if you qualify for the loan. After collecting all requirements, the processor will then submit all the documents to the underwriter for review.

  5. 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. If it’s approved, they will also determine what interest rate you qualify for as well as the terms of your loan.
    There are three Cs’ that an underwriter will analyze:

    1. Credit: Your score, history of on-time payments, and how much debt you carry (your debt to income ratio)

    2. Capacity: Your ability to pay off your mortgage based on your monthly income and bills

    3. Collateral/Value: If the property is worth as much or more than the amount you’re borrowing​
      On a typical loan, these three Cs’ are analyzed in detail during the underwriting process. The good news for hard money loans is that underwriters focus more on the collateral value rather than your capacity or credit, making it easier to get approved.

  6. 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.

  7. Closing: The final stage is where you will sign all the loan documents and pay any closing costs. The process is similar to when you are applying for a loan. After your lender signs all the documents, an escrow agent will hold onto the loan until everything is paid off.

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Key Differences Between Hard Money Loans and Bank Loans

There are several differences between traditional lenders like banks and hard money lenders. The loan sum on a hard money loan is based on the value of the property. You may be able to secure more funding with a hard loan than you would with a traditional loan. Another difference is the loan term. Hard money loan terms are typically much shorter (can be 12 months, for example). Traditional loans can be stretched out to 10 years, 15 years, or longer. 

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Interest rates are typically higher on hard money loans. This is a concession you face when dealing with the quick turnaround times and softer approval mandates. This brings up another difference in the approval requirements. Hard money loans come with much less strict approval factors. Borrowers with lower credit scores may not be able to secure traditional bank loans but can get a hard money loan. 

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If you have other questions about the distinction between the two loan types, please do not hesitate to call us. 

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