The HardMoney Company is an Asset-Backed or Hard Money Lender. Most importantly, we are a direct lender, not a mortgage broker. We use private capital for rehab funding. Our customers communicate directly with the decision makers, and there are no middlemen.
Our hard money rehab loans are used to modify an existing property, so it is worth more remodeling than it was when you bought it. The HardMoney Company has a quick approval process, same day in most cases, and flexible financing terms. Once you receive preliminary approval on your rehab loan a construction budget and draw schedule will be established. A draw schedule is a detailed payment plan for your construction project. It determines when the rehab funding will be disbursed to you or the contractor. Whether you’re interested in a hard money fix and flip home or construction rehab loan, read ahead to learn more.
Hard Money Rehab Loans At A Glance
| Topic | Answer |
|---|---|
| Types of Properties | All property types are eligible excluding properties with potential EPA complications like gas stations or dry cleaners. HardMoney Company provides loans for a wide-range of properties including: single family homes, townhomes, condos, multi-family units, stripmalls, office buildings, and occasionally land. |
| Loan Processing Timeline | Some loans can close in as little as three days while others may require several weeks. Loan processing timelines are often impacted by title search issues. |
| Time to Fund Loan | After closings occur, funds will be made available immediately or the following business day. |
| Loan Amounts | $50,000 – $5 million+ |
| Loan Terms | 1-2 year term with a 30 year amortization |
| Loan to Value (LTV) | 50% – 80% |
| Possible Fees | Appraisal fees & legal fees can vary depending on the transaction type. |
| Pitfalls to Avoid | Clients who follow the application process and provide accurate data will expedite the closing of the laon. Attempting to secure a loan against one’s primary residence is not allowed. |
| Borrower Credit | Almost all types of credit are acceptable, even recent bankruptcy. Loan approval is primarily based on the assessment of the property. |
| Broker Compensation | We love working with professional brokers. Compensation is always paid at closing. |
To help assist you with cost estimates related to your hard money rehab loan, use our loan calculator!
What Are Hard Money Rehab Loans?
A rehab loan is used specifically for home improvement projects in order to have the funds necessary to rehab or remodel a house. The HardMoney Company provides direct rehab loans for investors for their real estate projects and guarantees a quick approval process. We also offer flexible financing options that are available through banks. As a direct rehab lender, we understand how important it is to move quickly when home rehab opportunities come up.
Benefits of Our Hard Money Rehab Loans
Hard money rehab loans have many benefits:
Hard money rehab loans can close faster than traditional loans. Traditional home rehab loans through a bank can take weeks to process.
They typically offer better rates and approval amounts than traditional loans. Hard money rehab lenders evaluate property value to determine loan amounts, which can provide better rates and higher loan amounts for a real estate investor to manage.
Terms are more flexible. Loans are made on an individual basis, so the lender is better able to customize loan terms.
If you are looking to rehab a property, contact our HardMoney rehab lenders directly to see what we can do for you. Our experienced team of rehab hard money lenders will work with your project to help create the best possible loan structure for you.
Frequently Asked Questions (FAQs)
Hard money rehab funds are common amongst a variety of different real estate projects in order to provide the project with the cash flow needed to keep the project going or finalize the work. The requirements for rehab funds will vary depending on the type of project you are working on as well as the experience of the client. Reach out to our rehab loan lenders to learn how we can help provide your project with the funds needed.
Hard money rehab loans are a great option for those who own an investment home that needs renovations or for those who are in need of funds to purchase a property that they plan to renovate and flip. If you are interested in learning how rehab loans work then the first step is to reach out to our team of hard money rehab lending experts. Our team will need to learn more about your current real estate project and how much capital you need to remodel your property before discussing loan details. Since we offer hard money rehab loans we are able to provide capital in a much shorter time period compared to a traditional bank loan. Since HardMoney Company is a private real estate direct lender we also have more freedom in deciding who we lend home rehab loans to compared to traditional banks, which can have very strict requirements.
Now that you have a better understanding of what a hard money rehab loan is and how it works, our team is happy to help you get a rehab loan. Our team of direct lenders have years of experience working with a wide variety of different types of projects so we have the experience to help you renovate your property with a hard money rehab loan. Please use the apply now button to get in touch with our team about receiving rehab funds to help renovate and repair your real estate project.
Since HardMoney Company is a private hard money lender we have less strict requirements to receive a hard money rehab loan compared to traditional banking loans which can be difficult for most individuals to receive funds. Our experienced rehab loan lenders will need to speak with you to learn more about your current property and how much capital you require to repair your property before a loan deal can be created. But our closing times are exceptionally quick and oftentimes much faster than other methods which can take multiple weeks. In some situations, we can even close home rehab loans in a day or two. Our team has the experience required to be flexible to help you receive the funds that you need. If you are interested in receiving a hard money rehab loan then please reach out to our team to see how we can help you receive rehab funds for your property!
Our deposits average range is from 10-30% pending our independent loan evaluation. Please note this is just a range; each loan is unique.
Our team provides a variety of different loan types to help with your project. We offer the following loan types as well other options:
