Featured Hard Money Lenders

 

MyHardMoneyLenders.com is a comprehensive website that compiles information about private hard money lenders across the nation. This convenient website allows consumers to easily search for a private money lender in any U.S. state, whether it is Alabama or Wyoming.

Hard Money loans are available for a number of real estate specific transactions, including apartment building loans, bridge loans, commercial building loans, commercial construction loans, commercial property loans, direct lender financing, hard money lender financing, Merchant Cash Advances, real estate development loans and residential home bridge loans.

In hard economic times, it is difficult for banks and underwriters to fund on unique properties, especially those involving commercial transactions, bridge loans and multi-family units. Additionally, some banks are extremely particular about Jumbo Loans – amounts generally exceeding $417,000. Not only are underwriters and loan officers requiring borrowers to have flawless credit scores, minimum down payment amounts, a substantial cash flow and assets with verified stated income, but in a downturned economy where more employees are self-employed or own their own businesses, it’s becoming more difficult to obtain a government-approved loan.

If a borrower is turned down by a standard lending institution, albeit it a credit union, savings and loan, direct mortgage lender or bank, the remaining loan option is a hard money lender. These private companies have pools of investors that carefully invest their monies in high-interest, high-return loans. In return, less documentation is required and the government’s stringent underwriting guidelines do not apply.

An additional benefit of a hard money loan is a fast closing, with funds generally available within days instead of months. The typical banking loan requires a loan application with extensive income verification and documentation, an executed purchase and sale agreement, credit checks, necessary property inspections, a satisfactory title report, an adequate appraisal, is required to meet underwriter’s strict guidelines and if accepted, loan paperwork is completed, the transaction is sent to the local escrow company, the property closes and funds are dispersed. Alternatively, hard money lenders do require a loan application; however, extensive income documentation is not typically required. While an executed purchase and sale agreement is required for any contractual agreement, some hard money lenders do not require high credit scores, property inspections or standard underwriters’ guidelines. In fact, more decisions can be made in house, which helps facilitate a smooth, rapid closing.

Without the advantages of hard money lending, today’s real estate market would be struggling more than ever. Hard money lenders provide real estate investors with the economic means to purchase less desirable properties, flip them into livable conditions for first-time buyers and make the American home buying dream a reality for our economy’s future.

From Our Blog

How to Build a Relationship With A Hard Money Lender
Added July 11, 2017

Building a relationship with your hard money lender is a crucial part of your loan approval process. A hard money lender is typically a private individual or a business backed by private capital. A hard money lender is willing to cut through the red tape traditional lending institutions require and is often willing to take a risk these big banks won’t. What they require of you is to pay back the loan on time with interest. Here are some ways to invest not only in your future profit but in ...Read More

First Time Home Buyer Guidelines
Added June 27, 2017

Buying a home is an exhilarating yet intimidating process for anybody, but especially for those who are purchasing one for the first time. With all the information out there, it’s hard to determine what advice will help make the process as painless and rewarding as possible. Here are some great tips to get you started on your journey to buying your first home. Set a budget to decide what you can comfortably spend. Be sure to include the costs for utilities, homeowner association fees an...Read More