California Hard Money Lender
Wilshire Quinn is a California hard money lender, financing real estate investments up to $10 million. We work fast, turning loans around much quicker than traditional lending institutions, because we know time is critical for borrowers looking to invest in California’s competitive market.
Finance Your Next Transaction With Wilshire Quinn
- A nationwide direct lender, not a broker
- Pre-approval in 24 hours
- Typical funding in five to seven days
- Loan amounts up to $10 million
Purchase | Refinance | Cash-Out | Rehab | 1031 Exchange
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|CLOSING TIME||Typically 5 to 7 days|
|LOAN SIZE||$200,000 to $10,000,000|
|LTV||Up to 60% LTV and 60% of ARV for rehab loans, not to exceed 90% of the purchase price|
|LIEN POSITION||First Trust Deeds Only|
|LOAN TERM||3 to 24 months|
|INTEREST RATES||7.5% to 11%|
|ORIGINATION FEES||1 to 5 points based on location and property, LTV, credit worthiness of the borrower, loan amount and term|
|LENDING AREAS||Nationwide, in metropolitan and coastal areas|
Our Lending Program:
Closing Time: Typically 5 to 7 days
Loan Size: $200,000 to $10,000,000
- LTV: Up to 60% and 60% of ARV for rehab loans, not to exceed 90% of the purchase price
Lien Position: First Trust Deeds
Loan Term: 3 to 24 months
Interest Rate: 8.5% to 12%
Amortization: Interest-only payments
Advantages of a Hard Money Loan
Whether you are looking to secure financing for a purchase, refinance, or cash-out refinance, here are some advantages to using a hard money loan:
- Speed / Closing Time: Qualifying and being approved for a hard money loan is a significantly faster process than applying for a traditional loan through a bank. Wilshire Quinn typically funds hard money loans in 5 to 7 business days.
- Credit score not a major factor: Asset based lending means we base our loan amounts on the value of real estate, such as an investment property, multifamily building, or commercial building, rather than strictly on a borrower’s credit score and debt to income levels.
- Rehab and non-stabilized property financing Properties that require substantial rehab or that have high vacancy rates often can be difficult for traditional lenders to finance. California hard money lenders such as Wilshire Quinn have the ability to structure deals to allow investors to rehab and stabilize properties.
Looking for a hard money lender in California? Chat with a representative online to discuss your loan or call us at 619-872-6000.
Recently Funded Hard Money Loans
PHOENIX, LAS VEGAS
Here’s What Our Borrowers Are Saying
A Proven California Hard Money Lender; Lending Nationwide
California Hard Money Lender – financing your investment property
California is the most populous state in the United States and the third most extensive by area. California’s $2.75 trillion economy is larger than that of any other state. If it were a country, California would be the 5th largest economy in the world.
Ready to finance your California investment properties?
Housing inventory remains the most influential and persistent factor affecting prices. The cost of living in many California cities like San Francisco and Los Angeles has continued to increase over the past 10 years making home ownership difficult for people. Many Americans desire the single-family home lifestyle but just cannot afford to buy into it. Also, Millenials are delaying getting married and have massive school debt, and are not buying real estate. The number of Americans renting is incredibly high, leaving a great investment opportunity in rental income properties.
- 30% to 40% returns are not unheard of for investment properties
- rent prices increased an average of 8.4% from the previous year
Rental properties have recently created a stable vehicle for investing money and creating wealth. As many look to purchase an investment rental property, some look for a California hard money lender to finance their real estate purchase. Unlike traditional lenders, private money lending institutions focus more upon on the equity in a property relative to the borrower’s credit score. The underwriting and funding process can take place in a matter of days instead of weeks or months. Wilshire Quinn continues to fund hard money loans in California and across the nation.
Who Typically Uses a Hard Money Loan
- Business owners looking to pull cash out of existing properties
- People who want to close quickly
- Borrowers who have multiple properties looking to cross collateralize
- Investors looking to purchase rental properties
- Investors who buy, repair, and immediately resell their property (Flippers)
- Borrowers who cannot refinance with a traditional bank
- Builders and more…
FAQs – Hard Money Loans
A hard money loan is a real estate-backed loan where a borrower receives funds secured by equity in their property (or properties). Hard money lenders like Wilshire Quinn are mainly focused on the equity in the property as opposed to borrower credit and financials. Hard money loans are typically short-term ranging from six months up to two years.
Hard money lenders like Wilshire Quinn primarily focus on a property’s equity to secure the loan. The borrower’s credit is considered, but is not a primary determinant in the underwriting process.
After receiving a signed term sheet, Wilshire Quinn typically funds a loan in five to seven business days.
We will consider a wide variety of loan types including: purchase, refinance, cash-out refinance, partnership buyouts, rehabs, 1031 exchanges and value-added acquisitions.
You can either complete our online loan application, email or call us. We would prefer to talk through your loan scenario directly, as we can determine in a matter of minutes, once we have a few simple questions answered, if we have interest.
Our interest rates typically range from 8.5% to 10.5%, interest-only. Lender origination points typically range from 1% to 5% of the loan amount. The borrower pays for standard closing costs (title, escrow, legal).
Most of our portfolio is in California but we do have the ability to lend nationwide. We strongly prefer to lend in major-metropolitan areas.
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