How Our Loan Process Works
From the first phone call to funding in as little as 7 business days: what happens at each step, what to have ready, and how long it takes.
From first call to funding
Getting a hard money loan from City Capital Realty is simpler and faster than a bank loan, because we decide mainly on the property and your equity. Here is exactly what happens, step by step.
1. Talk to a loan officer
Call (310) 714-5616 or apply online. A licensed senior loan officer does a short phone interview to understand the property, the amount you need and your plan.
2. Application and documents
You complete a short application and send the property details: purchase contract or current loan statement, value and loan amount, photo ID and any company or trust documents. We run a credit and background check.
3. Property review
We review the property's value and condition and your equity. This, more than your income paperwork, decides the loan.
4. Approval and written terms
Typically within 48 hours you get clear terms in writing: the loan amount, rate, fees and length. Our published bridge terms are 9% interest-only, up to 70% of value, a 2% fee, up to 12 months and 4 guaranteed monthly payments.
5. Escrow, signing and funding
You sign the loan documents at escrow, our funding department confirms the final conditions, and the loan funds, in as little as 7 business days for many loans.
What to have ready
- The property address and type (home, apartment, hotel, gas station and so on)
- The purchase contract, or your current mortgage statement if you're refinancing
- The estimated value and the amount you want to borrow
- How you plan to repay: a sale, a refinance or another source
- Photo ID, plus company or trust documents if you borrow through an LLC, corporation or trust
- Proof of your down payment funds if you're buying
- Your insurance agent's contact details
- For renovations: your budget and contractor bids
Loan process questions
How long does a hard money loan take?
Many of our loans fund in as little as 7 business days. You'll typically hear back with terms within 48 hours of applying; after that, the timing depends mostly on the property review, title and escrow.
What do I need to provide?
Mainly information about the property: the address, the purchase contract or current loan statement, the value and the loan amount you need, plus photo ID and any LLC or trust documents. We also run a credit and background check.
Do you need my tax returns?
For most hard money loans, no. The decision is based mainly on the property's value and your equity, not on two years of tax returns like a bank loan.
How can I make closing go faster?
Send the purchase contract and property details right away, open escrow early, line up insurance, and tell us how you plan to repay the loan. Slow paperwork is the most common cause of delays.
What does it cost?
Our published bridge terms are 9% interest-only, a 2% origination fee and up to 70% of the property's value, with 4 guaranteed monthly payments. Escrow, title and appraisal costs are paid at closing as with any loan.