Meet The Team

Patrick Hook, Broker-Associate

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When using a hard money lending service or taking out a loan, it’s crucial that you understand how the entire process works. Taking out a loan isn’t as simple as just asking someone for money and taking it. There is so much more than goes into the process.

First, it’s important to note that a hard money loan is only a loan if you can pay it back over time. Many lenders don’t expect you to be able to pay the whole thing back in a matter of minutes. You’re usually given a period in which you’re allowed to pay the whole balance back. That includes the amount of your loan as well as whatever you owe in interest. So really, there are two things that you will need to repay. Much like with credit cards, the sooner you pay in full, the less money you'll owe. It's also important to note that hard money lending has higher interest rates and lower loan-to-value ratios. Hard money lending interest rates can start at 15%, 18% and go higher.

Getting a loan itself isn’t extremely easy either. To receive the loan, you’ll have to qualify for it. A lender will look at your payment history, as well as your personal life. If they don’t think you’ll be able to pay your loan back, they probably won’t grant you one. Before you apply for the loan, check out your credit score. If you have good credit, your chances of getting a loan are very likely. If you don’t have good credit, then you might not get the loan. However, there is always the option of having someone co-sign on the loan if you have poor credit.

Finally, if you’ve been given the loan, you’ll start getting billed monthly to repair the funds. Doing this early is always the smarter idea as it gives you the chance to pay it off without having to worry about it in the future. Talk with your lender and see what options are available for you.

Working with a lender and getting a loan can be an immense help if you’re buying a house, a car, or are working on a major project. However, make sure you remember the factors listed above before applying for the loan.

Contact Us

12526 High Bluff Drive, Suite #300
San Diego, CA 92130

Main Office:
832 Camino Del Mar, Suite #3
Del Mar, CA 92014

California Department of Real Estate
Real Estate Broker,
Broker License #01883341,
NMLS #308757

NMLS Consumer Access

Maggio Capital, Inc., is based in San Diego, California. We originate, underwrite and facilitate non-traditional mortgages on residential and commercial properties throughout California.

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