PrideCo Loans

California Hard Money

We are a private lender for real estate investors located in Southern California. 

Frequently Asked Questions


1. What is a trust deed, private money loan, or hard money loan?

2. I’m a broker, can we work together?

3. I’m interested in receiving a loan from PrideCo Loans, how do I get started?

4. What are your terms?

5. How long does it take to close a loan?

6. What types of property do you fund?

7. Do you fund rehab costs?

8. What loan-to-cost percentage do you lend on?

9. What if I have a bad credit score?

10. Will you roll costs into your loan?

11. Can I live in the house during the length of the loan?

12. Are there prepayment penalties?

13. What if I have a foreclosure on my record?

14. Do you broker referrals?


1. What is a trust deed, private money, or hard money loan?

These terms are sometimes used interchangeably.  A trust deed, private money, or hard money loan is a type of secured loan used to purchase real property. The loan is attached to the subject property until the loan is repaid. PrideCo typically makes 1st lien loans (i.e. no other loans/mortgages are in priority to PrideCo’s loan).

In California, there are three parties to a private loan; the borrower, the lender, and a trustee. A trust deed, or deed of trust, is a deed wherein legal title in real property is transferred to a trustee, which holds it as security for a loan between a borrower and a lender.

CA Department of Real Estate: "Trust Deed Investments - What You Should Know!!

2. I’m a broker, can we work together?

Yes, PrideCo works with brokers on a majority of the loans we process. 

3. I’m interested in receiving a loan from PrideCo, how do I get started?

Review our loan criteria and submit a loan application by clicking here  or give us a call at (949) 303-1300. One of our team members will begin your initial desk review over the phone. 

4. What are your terms? 

We're competitive with the market, give us a call. 

5. How long does it take to close a loan?

We can review, approve, draft loan documents, and fund within 3-5 business days.

6. What types of property do you fund?

  • Single-family residential (SFR)
  • Multi-family
  • Commercial- office, retail, hospitality
  • Industrial

7. Do you fund rehab costs?

Yes. We will fund up to 80% of the acquisition price and up to 80% of rehab.  We keep things simple by internally servicing our rehab accounts in order to keep the costs lower for the borrower. We do not charge fees for rehab draws. 

8. What Loan-to-Cost percentage do you lend on?

We lend up to 80% LTC; 80% of the purchase price and 80% of the rehab funds.

9. What if I have a bad credit score?

That's fine, we rely more on the property value.

10. Will you roll costs into your loan?

Yes.  It is different for every deal.

11. Can I live in the house during the length of the loan?

No. All of our loans are for non-owner-occupied properties. Borrowers may not live in the properties. 

12. Are there prepayment penalties?

We're flexible.

13. What if I have a foreclosure on my record?

If you have a foreclosure on your record we will evaluate on a case-by-case basis.

14. Do you broker referrals?

No, but since we've been lending for over 12 years, we know a lot other lenders we can send your deal to.

 
 

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© 2019 PrideCo Loans, LLC

120 Newport Center Dr, Newport Beach, CA 92660