What are hard money lenders?
Hard money lenders are private lenders and funds that make short-term loans secured by real estate. A bank underwrites the borrower — tax returns, W-2s, debt ratios. A hard money lender underwrites the deal: what the property is worth today, what it will be worth after the work, and whether the plan holds up. That makes hard money the tool for properties banks will not touch and for investors whose income is complex.
What can hard money loans in Glendale finance?
The hard money and private money programs we place cover real-estate investment projects across Glendale and greater Los Angeles:
- Fix and flip — buy a property, renovate it and sell it; see fix and flip and rehab loans
- Buy and hold rehab — renovate a property to keep as a rental
- Bridge loans — short-term financing between one property and the next
- Private money construction — short-term funding for investors and builders; see construction and renovation loans
A commercial building is a different loan with different lenders — see commercial loans.
Is Paramount Loan Services a hard money lender?
No. Paramount Loan Services is a licensed mortgage broker (NMLS #236355). We place loans with lenders; we do not underwrite or fund them. The rate, fees and terms come from the lender we place your project with, and every file is underwritten on its own facts. What we add is knowing which lenders fit which deals, so your file starts in the right place.
How do I find private money lenders in Glendale?
You can contact lenders one at a time, comparing programs that each describe their terms differently. Or you can bring the deal to a Glendale broker once. Our office is at 611 E Glenoaks Blvd, so local investors can sit down with us in person, and Tom Tumyan, our owner and Senior Loan Officer, has been a licensed loan officer for 25+ years, with experience in commercial and residential real estate.
Can I borrow money with bad credit?
For a real-estate investment, possibly. Hard money lenders focus mainly on the property and the plan, and private money programs are often more credit-flexible than bank loans. But no lender approves every file, and we cannot promise an approval before a lender has reviewed yours. The property's value, your equity and a workable exit plan carry the most weight. Buying a home to live in instead? Ask us about the other programs we arrange, including non-QM home loans.
Do private money lenders make personal loans?
The programs we arrange are real-estate loans, plus equipment financing for businesses. We do not arrange unsecured personal loans. If you own a home and want to borrow against it for a personal expense, the right tool is usually a HELOC or home equity loan, and our guide to HELOC vs. cash-out refinance compares the two.
What do hard money lenders want to see?
Lenders look for a deal that holds together. Have the property address, the purchase contract, a scope of work with a line-item budget, proof of funds for your down payment and reserves, a summary of your experience, and your exit plan — sale or refinance. Lenders weigh experience, but a first project with a solid plan and budget is financeable.
What does hard money cost?
We do not quote numbers on this page, because pricing depends on the lender, the property and you. Ask every lender about the interest rate and how it is calculated, points, itemized lender fees, draw and inspection fees, and extension and prepayment terms. Our fix and flip and rehab loans page walks through each one and how rehab draws work. For a rental you plan to keep long-term, compare a DSCR loan.
How do I start?
Call (818) 500-4009, 9:00 AM to 5:00 PM, Monday through Friday, or send us a message with the property address, your budget and your exit plan.
