We help real estate investors get hard money/private money loans for their next project. Money and finances should never be the obstacle that stops you from succeeding. We regularly help entrepreneurs, real estate investors, and businesses of all sizes challenge the status quo. We take risks on the go-getters, and do’ers – who have an opportunity and need a partner.
At Delancey Street, we invest in people and their ideas – not abstract concepts like credit scores, or other financial metrics. Tell us about your idea, let’s discuss your opportunity – and how we can help you capitalize on it. For years, our team members have been helping people capitalize on opportunities using hard money loans, private loans, reverse mergers, other financial vehicles.
We fund loans up to 80-90% LTV. We look at the value of your property, and your overall business plan when deciding whether to fund you.
We realize deals can disappear if you don't have fast funding. We promise to treat you like a partner, and work fast to help you get funding.
We're a growth focused private money lender. That means we work fast to fund your deal, and there's no limits on what we can do for you.
Residential refinance in Los Angeles, with a loan amount of $830k, at 75% LTV. We were able to help the investor get a loan at 8.99% with a balloon payment after 18 months.
Delancey Street funded a new residential purchase in California, for $1.2 million with 82% LTV. We helped the developer with a loan at 11% with a balloon payment in 9 months.
On the other hand, we denounce with righteous indignation and dislike men who are so beguiled and demoralized by the charms of pleasure of the moment, so blinded by desire.
An irvine hard money loan is one you might not know much about if your financial situation is positive. However, some consumers facing serious debt, outstanding balances, and a difficult time who need to borrow money but don’t qualify for a traditional loan might turn to a hard money loan as a last resort. That’s exactly what a hard money loan should be. It’s a last resort for those who cannot afford a traditional loan. It’s time for you to learn what a hard money loan is, what it offers you, and what the pros and cons of a hard money loan really are.
What’s a Hard Money Loan?
A irvine hard money loan is not like a traditional loan. This is the kind of loan you only take if you have no other choice. A hard money loan is one you get without as much emphasis on your ability to repay. Whereas a traditional loan requires you have a great credit history, verifiable income, a long-term job, and a solid financial situation, a hard money loan is more about collateral. Hard money lenders put very little emphasis on your ability to repay based on your income, your job source, or even your credit.
They simply want collateral they can use to get money from you if you default on your loan. A hard money loan might take into consideration a piece of valuable property. The lender takes that item from you, gives you money, and you repay the money according to the schedule you sign. Fail to repay, you lose your collateral and it’s a win-win situation for the lender.
The Cons of Hard Money Loans
Hard money loans aren’t a great option because they are expensive. The interest rate on a loan like this is very high, and that might be even higher based on your credit score. While your credit might not prevent you from being given a hard money loan, it absolutely does affect the interest rate you’re given when you submit your application.
The other con is the length of time you have to repay. These are typically short-term loans, and they are typically only good for one to five years, and sometimes you pay more interest than you do for the actual loan. You must also have something very valuable to offer lenders if you want to get a hard money loan for as much as you need. And you do need to pay it back.
The Pros of a irvine Hard Money Loan
If you aren’t able to secure a traditional loan for any reason, you can get a hard money loan fast. That’s the first thing you should know about these loans. They are much faster to provide you with the cash you need than a traditional loan. A regular loan could take anywhere from a month to several months of paperwork for you to see the cash you need. A hard money loan can have cash in your hand in a few days.
It’s also a lot easier to get an approval for a hard money loan than it is to get an approval for a loan that’s more traditional. Banks and other lenders are more careful about offering loans to consumers since the economy crashed in 2008, and that means you could spend weeks waiting for an approval. If you don’t have weeks to wait for an approval, you might find out you cannot do much more than sit around and worry about your loan. A hard money loan offers almost instant approval.
It’s more flexible to take out a hard money loan, too. There is no set standard with a hard money loan. Lenders tend to look at your situation with fresh eyes than the last hard money loan they offered, and they hear you out when you discuss what you need and why you need it. They are more willing to work with you, which means you have a greater chance of being approved for a loan with a hard money lender than you do with a traditional lender.
The process of securing a irvine hard money loan is typically far easier, better, and more profitable than it is to secure a traditional loan. However, it’s also a lot more expensive if you have less than ideal credit. You should know what you’re getting into, exhaust all your other options, and focus on what you can do to help yourself until you’re able to secure the loan you want. Be sure you can repay this loan so you don’t lose your property, and enter this deal very lightly. Knowing what you’re getting into is helpful, and it also makes sense if you can afford a short-term loan you can pay off quickly without as much interest.
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