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Hard money is available in multiple flavors; one of the most common is mortgages. Using the owner's equity in real estate, hard money providers generally lend 60% - 65% of the price of real estate. Commonly, hard money mortgages are used for commercial needs. But, they can also be applied to residential properties. In this situation, the loan is generally called by its more gentle name: a non-conforming mortgase.

Financing rules for California hard money mortgages are fairly simple. The loan is determined by the price of the 'subject property' - either real estate owned or about to be owned by a borrower. If the borrower is purchasing property, the "value" of that real estate is determined as the actual purchase price of that property. If the debtor needs hard money for a refinance issue, the 'value' is determined by a written real estate appraisal.

If you are trying to get a hard money refinance loan, the loan company will need to know when you purchased the property and what amount you paid for it. If you owned a property a month ago for a particular sum, the loan company will likely be refusing to lend you more than that price. In case you own the property for about one year, especially if you have put certain amount of money, sweat equity, or both into the property, you will have a new appraisal and obtain a loan based upon the new, improved value of your property. This is called 'seasoning.' Be certain you have seasoned your property prior to planning for a refinance mortgage at a substantially greater value figure than what you invested for it.

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