Southern California is a bustling community, filled with amazing different real estate prospects. Owning an investment property can be extremely lucrative, to help gain more passive income to build your own wealth. But, what happens if you don’t have enough money to renovate or purchase a property, to get a tenant in there? Or, what if you need to make major repairs or remodel the property, to increase the market value of the rental?
Getting a loan on a property can be tough business, and is even more difficult when looking at investment properties. Typically, one would get a conventional loan – but conventional loans require a minimum FICO score of 620. If you have credit issues, it may feel like an uphill battle to try to build your own personal wealth and make your financial goals a reality. Conventional loans can also be a long process – sometimes taking up to 45 days to close. If you need a deal to close quickly, or funds immediately, it may be a stressful process.
This is where hard money can come into play. Hard money loans are streamlined to help get funds in a timely manner, and can be used for investment properties to help purchase or pull cash out of the home. Whether you inherited a property, are purchasing a property, or have owned a property that you are planning on renting out – you may be able to get a private equity loan.
Santa Ana is an amazing place to own a rental property, as it is close to all of the SoCal favorites like South Coast Plaza, Disneyland, and plenty of beaches. Plus, Santa Ana is close to a lot of amazing job hubs for close commutes and bustling industries. Having a rental property in Santa Ana can help capitalize on the location and generate a steady income for you every month by having a home in such an ideal location – while also not breaking the bank, in comparison to more expensive nearby cities. So, if you are looking to renovate your home to make it renter-friendly, or make some new additions to help generate more rental income; a hard money equity loan may be able to help you get cash, to make those plans a reality. One of the biggest benefits of a hard money loan is their flexibility, not just for damaged credit or pressing timeframes. Another way hard money loans can benefit clients, is the ability to build in monthly payments for a period of time. So, if you have a rental property in Santa Ana that you need to remodel, and could take a few months, you may be worried that while there is no renter in there your income will be lower. In many cases, we can build in a few months of monthly payments. That way, while there is no renter bringing in steady income, you don’t have to worry about having those monthly payments for a predetermined, fixed period of time. For some of our clients, they built in up to a year of monthly payments to make sure they had plenty of time to upgrade the property and have time to find a good tenant, at market value. If you trying to rent out your property in Santa Ana, you may want to utilize that benefit of a hard money loan, in order to make sure you aren’t too pressed for time to ensure you find the perfect tenants for your home.
If it sounds like a hard money loan may be able to help you, contact us today to see how we can help! We are proud to serve the Southern California community, including Santa Ana, to help our clients meet their financial goals.
