At the time of bidding you must provide a $10,000 bid deposit. At the time of a successful bid the trustee will hold your $10,000 bid deposit. You are responsible for paying the remaining balance in full by 5pm the next business day.The most common way is cash, or private financing. Hard money is an option that will allow you to pay in full within this timeline.

At Bid Prestige we have connections with hard money lenders throughout the valley. Utilizing hard money will allow you to leverage your cash to purchase more properties with the same out of pocket cash.

Hard Money Loans

Typical hard money terms are as follows:

• Interest only 6-month loan
• 18% interest paid monthly
• 80% loan to cost in most cases

Funding will take place by 5pm the day following your winning bid. All hard money loans are secured with a recorded deed of trust, a promissory note, and are required to have a personal guarantee. Good credit is not a requirement.