Santa Barbara Hard Money Lenders
For those looking for a hard money loan in Santa Barbara, Source Capital is an expert lender you can trust. With over six decades of combined experience and more than $250 million in loans secured, our track record speaks for itself. Whether you’re an experienced investor looking for backing on a new project, or a first-time home flipper who has been turned away by other traditional lenders, we’re here to help.
What is unique about Santa Barbara hard money loans?
We offer hard money loans in Santa Barbara to a wide variety of borrowers in a range of financial and professional situations. Unlike hard money loans, traditional loans are funded by banks, credit unions, and other financial institutions. This makes them much more stringent, complex, and time-consuming endeavors. Traditional lenders determine loan eligibility by looking at a variety of the applicant’s financial factors, including income, assets, and credit. Alternatively, hard money loans are secured by real estate and funded by private individuals or groups of individuals with a circulating pool of funds. This allows much more flexibility, and a much more favorable outcome for you.
Traditional loans require extensive financial screening, including credit reports, income statements, and notification of outstanding debt. They can be both extremely invasive and extremely time consuming. Source Capital’s hard money loans, on the other hand, are asset-based. Our small group of private lenders are primarily concerned with your equity in Santa Barbara property, and less concerned with your financial status or history. Our screening requires minimal information from the applicant. This means more forgiveness when it comes to your past financial blunders and a much more rapid turnaround time for loan approvals. While traditional institutions may take weeks or even months as your loan application filters through a variety of hands, departments, and screenings, our turnaround time is very rapid. We can make decisions in a matter of minutes.
Real estate in Santa Barbara moves fast. A day or two spent waiting for approval of your loan application can mean the difference between securing the property of your dreams, or losing out to the competition based on the availability of funds. Our hard money lenders understand the necessity of speed and efficiency. We typically approve loans within 24 hours and distribute the funds in between 7 and 10 business days.
Who is eligible for a Santa Barbara hard money loan?
Many applicants struggle to secure a loan based on their financial history, whether they have poor credit, bankruptcy, or other situations that financial institutions deem unfavorable. Because our hard money loans are based in real estate assets, we can look past borrower circumstances that others find risky. We can qualify borrowers who have/are:
- Past bankruptcy
- Past foreclosure
- Low credit
- Limited income
- Foreign nationals
We also work directly with real estate agents and mortgage brokers to assist clients in securing their properties. No matter your situation, our goal is to offer you a loan that satisfies your needs and sets you up for success.
Which properties can be financed by Santa Barbara hard money lenders?
Santa Barbara hard money lenders are able to finance a wide range of real estate properties, including residential, commercial, and industrial. That includes:
- Residential fix-and-flips (buy and hold, remodel, complete renovation) and 1-4 unit dwellings (including single-family residences, apartments, condominiums, and more)
- Commercial properties including multi-family units (multi-unit buildings and complexes, and planned communities), office spaces (medical, business, and executive), retail spaces (malls, strips, and inline retail), hospitality properties (hotels and restaurants)
- Industrial properties such as manufacturing, warehouse, and distribution centers
If your property is one of the many listed above, give us a call and learn how we can work together. It’s fast, easy, and—best of all—free!
Why should I choose a Santa Barbara hard money loan?
Whether you’re a seasoned investor or a first-time home flipper, our terms are more favorable to you than those of traditional mortgages or loans. We won’t lock you into a decades-long contract that leaves you high and dry. While their terms typically last 15 to 30 years, our Santa Barbara hard money lenders offer loans in terms of one, two, or three years. Additionally, our interest rates are always fixed. Your Santa Barbara hard money loan won’t be subject to sudden market changes, allowing you to plan your financial future, all the way until the final balloon payment. Furthermore, if you pay off your loan earlier than expected, we will never penalize you.
Our Santa Barbara hard money loans include:
- Fixed interest rates starting at 7.99%
- Origination fees from 1.75%
- Loan to Value up to 70%
- No prepayment penalties
- No “junk fees”
- No minimum credit score
- No minimum income requirement
- Fair terms
- Financing as little as $20,000 up to $5,000,000
If you’re looking for a partner with your best interest in mind, we’d love to talk to you. Give us a call today.
How do I apply for a Santa Barbara hard money loan?
Our loan application process is not only quick, but also easy. Loan applicants may submit their applications through a variety channels, including chatting online with a representative, filling out an online application, or our recommended method, giving us a call. You can speak directly with a decision-maker who is waiting to help. Supply us with a minimal amount of information, ask any questions that you may have regarding our process or your loan, and we may be able to approve your loan in a matter of minutes. We’ll never give you the runaround or waste your time.
Why should I choose Source Capital for my Santa Barbara hard money loan?
We are a licensed and insured, premier hard money lender in California, Arizona, Texas, and Minnesota. We offer friendly, fast, and fair loans to a variety of borrowers in a range of financial and professional situations. We work with a small group of private funders to ensure that your loan is fair, simple, and gets to you fast. If our combined 65 years of experience and over $250 million in loans don’t say enough, then let our happy customers speak for us. We are a 5-star lender on Yelp and Google, and have an “A+” rating with the Better Business Bureau. No matter your real estate dreams, we’re here to make them come true. Reach out for a free, no-obligation quote today.