We’re pleased to announce that we’ve uploaded brand new and completely updated hard money lender guides to the website! You can find them at…
There’s one guide for each market area that we serve, and there are anywhere from six to thirteen lenders in each guide. You’ll find their lending requirements, rates, fees, and more.
We were shocked to find that up to 40% of the lenders in the old guides were no longer in business! But no worries, plenty of new lenders have sprung up to fill the void, and we included all of them.
In case you’re not familiar, hard money lenders provide the funding for you to quickly buy a property, usually a fixer-upper. They can typically fund your deal in days, not weeks, and their loans usually cover the costs of your purchase and repairs. But they are short-term loans, so you’ll need to either sell the property or refinance into a long-term loan within a few months.
Each lender has different lending criteria, so we included that criteria in the guides to make it simple and easy to compare lenders. Here’s the criteria from just one of the lenders…
• Loan term up to six months.
• No pre-payment penalty.
• A one time, three month extension can be requested if all repairs are complete.
• First lien position only.
• The annual percentage rate is 15-7/8%.
• Lending Up to 70% of the After Repaired Value of the property.
• Repair Funds can be financed, held in Escrow and dispersed on a Draw Basis if LTV criteria is met.
• A 125.00 Inspection Fee will be charged for each Draw Request.
• Loan origination fee of 3-5% of the loan amount.
Don’t let a perceived lack of funding hold you back because it’s definitely available! Unlock your access to these funds by downloading the hard money lender guide for your market today.