We offer Fast Hard Money Loans for Refinancing, Purchases, Rehab Loans, Avoid Foreclosure, Private Money.
We can fund your deal in as little as 7 days. Application is fast and simple.
Unlike other lenders, we focus almost completely on qualifying the value of the home rather than the borrower, resulting in a fast, simple approval process remarkably free of hoop jumping. In other words:
No credit check and no credit reporting
No income verification
No asset verification
Is this your situation?
- Do you need some cash to finish a rehab?
- Did you get turned downed by another lender even though you had a big down payment?
- Do you want to finance your property and keep your cash for rehabbing?
Hard Money Loan Questions & Answers
What is a Hard Money Loan?
Hard Money Loans are non-conforming loans, unlike the type of loans from conventional bank financing. They are funded by private individuals like us, and requirements vary from lender to lender, however most private hard money lenders are much more concerned with the collateral and equity protection, than credit scores. Rates are typically higher than conventional financing, however funding times are usually much faster and the loan criteria and repayment terms can be tailored to the individual situation.
Why use Hard Money?
Time is money! Hard Money Loans are best suited to capitalize on your time critical real estate opportunities, when you need a loan quickly, or when you can't get credit by normal conventional means. It is a great alternative for fast short term financing. If you have A+ credit, can verify income and can wait 45 days for the loan, go to a bank for a conventional loan.
How long does it take to fund a Hard Money Loan?
Typically it takes 5-10 days for us to fund a loan. Compare this to typical bank funding times of 4-8 weeks. We can fund much faster because our hard money loans are funded either directly with our own funds or by other private investors, and because there is much less paperwork and red tape involved in funding the loan and decisions are made quickly. There is no loan review by committee.
What if I have bad credit, can I still get a hard money loan?
Credit is not an issue, but having a plan on how you will repay the loan is required, and it should make sense. Our funding criteria is based on equity in the property, not credit. We also make loans to foreign nationals and entities with no credit history.
Do I need to get an appraisal for a hard money loan?
An appraisal may be necessary depending on the LTV (loan to value) ratio, and the uniqueness of the property, however we can many times avoid the time and expense of a full blown appraisal, by checking comparables, especially if the LTV is low. If you already have an appraisal (even an old appraisal), keep it handy, because it will allow us to get up to speed on the features of your property faster.