Best Hard Money Lenders
In case your Google search turns up nothing, here is a list of some of the best national hard money lenders out there.
LendingHome is a national hard money lender. They are best for fix and flip loans on short-term residential homes, including single-family and multi-family units, apartments, condos, foreclosures, and short-sales. They offer up to 90 percent loan to value (LTV) and 75 percent after repair value (ARV). They also have interest rates starting a 7.5 percent. Additionally, LendingHome only charges between 1.5 and 2.5 percent in lending fees, and they offer appraisals at no extra cost to the borrower. Under these circumstances, LendingHome would be a good option for small businesses. The only downside to this hard money lender is that they only fiance short-term real estate, so you’ll need to look elsewhere if you’re looking for a permanent residential loan.
Patch of Land
Patch of Land is a national hard money lender that can get you money fast. They finance both commercial and residential real estate, such as single-family and multi-family homes, condos, apartments, offices, shopping centers, and buildings. Their prequalification process only takes a few minutes and the company prefunds their loans, which speeds up the process. The average time it takes to receive the funds from Patch of Land is around five days. Other lenders average around 10 to 15. It should be noted that Patch of Land requires more information during their prequalification process, so you’ll want to be sure you have all of your paperwork ready when you apply. When compared to LendingHome, Patch of Land has a higher interest rate and a lower residential LTV and ARV ratio.
Lima One Capital
As a national hard money lender, Lima One Capital finances both permanent residence and short-term homes. They offer bridge and short-term fix and flop loans for single-family and multi-family dwellings, condos, and apartments. Unlike Path of Land and LendingHome, they also provide a 30-year mortgage on rental properties. You can use their permanent mortgage on a single-family rental property that is unoccupied or on some single-family rental units.
Rental loans can range from $50,000 to over five million dollars with a LTV of 75 percent. You can also do a 30 year fixed or variable mortgage with interest rates that start at 4.99 percent for variable and 6.99 for fixed. On multi-unit properties that contain between one and four units, they offer short-term fix and flop loans. They also do this on apartments that contain more than five units. You can expect their fix and flop loan to include 90 percent of the purchase, 70 percent of the LTV, and financing for cash-out refinances and construction financing.