santa barbara hard money lenders

Santa Barbara Hard Money Lenders & Loans

Hard Money West is located in Oxnard, California (just south of Santa Barbara) and our brokers have been serving the Santa Barbara County community for many decades. As experts in hard money or private lending, we’re here to help residents and aspiring residents of Santa Barbara get the hard money, non-QM or conventional loan they need.

About Santa Barbara (for future locals)

Santa Barbara is a coastal city 95 miles north of Los Angeles. According to the 2020 Census, the population of the City of Santa Barbara was 88,665 and the population of Santa Barbara County was 448,200.

Spanish settlers founded the Presidio of Santa Barbara in 1782 and the Santa Barbara Mission was founded in 1786. After the independence of Mexico, the area was under Mexican control until it fell to a battalion of American soldiers under John C. Fremont in 1846. When California became a state in 1850, the City of Santa Barbara became the county seat of Santa Barbara County.

The city sits on the longest stretch of beach that faces south in California. Highway 101 runs through the middle of town and the county as a whole. Santa Barbara lies on a coastal plain between the Pacific Ocean and the Santa Ynez Mountains, a beautiful area that helps Santa Barbara attract millions of tourists per year. The Channel Islands are just off the coast and many tour boats and other vessels depart from Santa Barbara Harbor for the islands regularly.

The Santa Barbara Bowl is a well known music venue that has hosted many world famous singers and bands including Joni Mitchell, Bob Dylan, Bob Marley, Tears for Fears, Blink 182, Katy Perry and more. The Arlington Theatre on State Street is home to the Santa Barbara International Film Festival, which attracts celebrities like Martin Scorsese, Kate Winslet, Jennifer Lawrence, and Leonardo Dicaprio.

The area is well known for being the home of billionaires and celebrities such as Oprah Winfrey, Prince Harry and Meghan Markle, Duchess of Sussex, Charles R. Schwab and many others.

The University of California at Santa Barbara (UCSB) has produced many Nobel Prize winners and is also well known for being a major university with its own beach. Santa Barbara is also home to Westmont College, Antioch University Santa Barbara and community college Santa Barbara City College (SBCC).

Santa Barbara is one of the most desirable areas in the world to live in. If you believe in Santa Barbara’s future and love the area as much as us, please let us help you find the right hard money/private or other loan for you. We work with all types of homebuyers, property investors and anyone who needs help with a property purchase or refinance.

Frequently Asked Questions for Hard Money Lenders Santa Barbara

Homebuyers and refinancers in the Santa Barbara County area often ask us the same questions regarding Santa Barbara hard money lenders. This is what we have to say.

What types of Santa Barbara hard money loans are available?

At Hard Money West, we offer hard money or private loans for various situations:

    • Purchase loan (including owner occupied hard money loan)
    • First time home buyer programs
    • Primary residence loan
    • Investment property loan
    • Cash out refinance (refi)
    • Reverse mortgage refinance (refi)
    • Construction loan
    • Bridge loan
    • Distressed property loan

Are bridge loans available through Santa Barbara hard money lenders?

Bridge loans are available to all inhabitants of Santa Barbara County. As a result, Santa Barbara residents can make all cash offers on homes and close in as few as 7 days or less (as opposed to conventional and non-qualified mortgages that can take 30-45 days to close). Bridge loans are also a useful tool for those dealing with bankruptcy who may want to hold onto their property long enough to sell it and recover more funds than through a bankruptcy auction or bank sale. Hard money loans can also be used in other scenarios, such as probate or trust events. 

Santa Barbara hard money loans are available to every borrower through Hard Money West. We have creative solutions for every mortgage backed by Santa Barbara County real estate!

What types of property zoning does Hard Money West work with for hard money mortgage loans in Santa Barbara?

At Hard Money West, we have hard money loans for Santa Barbara residents and offer this and many more options for various types of property owners, including but not limited to:

    • Single family residence (SFR) (1-4 units)
    • Multi-family residence (over 4 units)
    • Commercial
    • Industrial
    • Open land or vacant land
    • Retail
    • Mixed-use

Are appraisals required by hard money lenders Santa Barbara residents have access to?

Hard money lenders Santa Barbara residents can work with through Hard Money West do NOT require appraisals. This is one great perk of using a hard money loan and allows us to close your loan in 7 days or less. As a result, your offers on fixer uppers will be much more competitive and you will have many more real estate options available to you than if you only use conventional loans!

How hard is it to get a hard money loan?

Hard Money West works with several Santa Barbara hard money lenders and makes the process extremely easy–requiring much less documentation and verification than conventional loans.

How much do you have to put down on a hard money loan?

Most hard money lenders Santa Barbara residents have access to require a 30% down payment or a maximum Loan to Value (LTV) of 70%. This is because the loan is secured only by the real estate itself. The advantage of this is that there is no employment verification or other types of verification that make conventional loans so tedious. Hard money loans are the perfect tool for borrowers who don’t have the time or don’t meet requirements for conventional loans but can refinance later on.

What happens if you default on a hard money loan?

Hard money mortgages are backed only by the real estate that is collateral for the loan. However, the end result of defaulting on any mortgage, whether hard money, non qualified or conventional, likely includes losing the collateral property. We see the loans that Santa Barbara hard money lenders provide as a short term tool and, like most real estate investors, we use hard money loans ourselves. As a result, we can help when you’re deciding on your real estate investment strategy!

Hard Money Loan Types

  • Purchase loan
  • First time home buyer programs
  • Primary residence loan
  • Investment property loan
  • Cash out refinance
  • Reverse mortgage refinance
  • Construction loan
  • Bridge loan
  • Distressed property loan