Due to this higher risk involved on a hard money loan, the interest rates for a hard money loan will be higher than conventional loans. Interest rates for hard money loans range from 10 – 15% depending on the specific lender and the perceived risk of the loan. Points can range anywhere from 2 – 4% of the total amount loaned.
However, hard money lenders present another option to get the money you need. Because it is out of the spotlight, many people have no idea how the process of hard money lending works. Who are Hard Money Lenders? In order to fully understand how hard money lending works, you need to understand who hard money lenders are.
Here's a look at the hard money loan process for real estate investors, rehabbers and flippers looking to work with hard money lenders.
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Process Pre-Qualification 1. Call us or Complete Loan Request – You will receive a loan application and instructions. 2. Return the completed loan application with supporting documentation to get pre-approved. 3. Once you have been pre-approved, you can request a proof of funds letter form making offers to banks. Close the loan 4.
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Lone star hard money takes the Hard out of Hard Money by simplifying Real Estate investment funding throughout the DFW Metroplex. We are an Asset-Based Lending Firm that takes the frills out of the funding process by offering funds directly from our own capital, not brokering your loan through another lender.
A hard money loan is a specific type of asset-based loan financing through which a borrower receives funds secured by real property. Hard money loans are typically issued by private investors or companies. Interest rates are typically higher than conventional commercial or residential property loans, starting at 7.7%, because of the higher risk and shorter duration of the loan.
Montegra Capital Resources is a hard money lender in Colorado, not a loan broker. Our representatives have direct control over both funds and decisions. Because of this, Montegra is able to streamline our hard money lending process so that borrowers get the funds they need more quickly.
Hard Money / Real estate investor loan process at CCC Holdings. Hard Money Loans for Pittsburgh Area Real Estate Investors. Process Pre-Qualification 1. Call us or Complete Loan Request – You will receive a loan application and instructions.