The Hard Money Property team is a network of asset-backed lenders who provide residential hard money rehab loans, commercial loans, and many other private loan types. We provide faster closing times, better rates, and more flexibility compared to banks or more traditional mortgage lenders. We provide individuals rehab loans from private capital funds which means we have more freedom to who we lend to and how quickly we are able to provide you with capital for your next home rehab project.
Our residential hard money rehab loans are utilized by individuals who are looking to modify or upgrade an existing property. This could be a project where the individual is remodeling the home in order to sell it for more than they purchased the property or could be part of a long term investment project. Our team is able to provide anywhere from $50,000 to over $5,000,000 in capital depending on the needs of your project. Our closing times are much quicker than a bank as we are able to provide you with capital within a couple of days on average where a bank may take up to two months to close.
Since our funds come from private sources, we are able to provide funds to individuals that the bank might decline. This means it is a great option for individuals who may not have any experience in the industry, those with bad credit scores, or those who are looking to close as quick as possible. When you are applying for a rehab loan, our team will help walk you through the entire process to make it as quick as easy as possible. This process will entail receiving preliminary approval, setting a construction budget, creating a draw schedule, organizing a flexible payment plan of your choice, and then finalizing all of the documents.
Hard Money Rehab Loans At A Glance
The details for your hard money rehab loan are subject to change because every deal is different. The exact numbers and percentages will be discussed depending on the type of loan you are receiving, the location, the details of the property, your experience, and much more. Below are a few average answers to give you an understanding of what to expect from our residential hard money rehab loans.
|Average Rehab Loan Amounts||Our team is able to provide anywhere from $50,000 to over $5,000,000 in capital depending on the needs of our clients. The rehab loan amounts will vary depending on the project and the location of the loan.|
|Types of Properties||Typically, our hard money rehab loans are used from residential properties that range from single family homes, townhomes, condos, multi-family units, co-working spaces, mobile homes, and more. If you have a unique situation then come speak to our team and learn about your options.|
|Loan Terms||The loan terms will vary depending on the project but it will typically be a 6 month to 36 month term.|
|Loan To Value (LTV)||50% – 80%|
|Potential Rehab Loan Fees||The property type, project, location, and other factors could bring up the potential for appraisal fees and legal fees for your rehab loan.|
|Required Credit Score||Our team doesn’t require a certain credit score to borrow. Come speak with our team and learn about your options.|
|Borrower Experience||Our team doesn’t require a certain amount of borrower experience as we have worked with professionals as well as complete beginners.|
|Closing Time||The closing time will vary from just a few days to a few weeks depending on how prepared you are and how complicated the overall project and loan structure is.|
What Are Hard Money Rehab Loans?
A rehab loan, or a hard money rehab loan is a specific type of loan that is typically used for residential home properties and provide individuals with the fund necessary to rehab or remodel the property. Our network of hard money lenders are able to provide real estate investors or individuals with the capital they need to remodel a home in order to sell it for a profit or the capital they need to improve the home’s overall value or appearance.
Our team of hard money lenders are direct lenders with private capital so we are able to lend much quicker and be more flexible compared to banks. We are able to provide capital in the matter of day or a few weeks compared to banks who can take multiple months. Getting capital as quickly as possible is essential when you are thinking about getting a hard money rehab loan.
Benefits of Hard Money Rehab Loans
If you are seeking capital to rehab or remodel a residential property it can typically take as few as a few days to receive a hard money rehab loan. If you were to go to a bank or a traditional lender for this type of loan it could take anywhere from 3-8 weeks. A hard money rehab loan will provide you with access to capital much faster compared to a bank because our capital comes from private lenders with less hurdles necessary to lend.
Since our rehab loans come from hard money lenders, we have the ability to create loan deals with flexible terms and details based on your needs. Traditional banking corporations are very rigid with their loan structures but we are able to customize each loan deal based on your project and your needs. This means it is possible to get the best possible loan structure for you.
Frequently Asked Questions About Rehab Loans
How Do I Get A Rehab Loan?
There are a few different types of rehab loans but if you are looking for a hard money rehab loan from our team all you have to do is fill out the form on our Application Page. It will ask just a few questions about your needs and the project you are working on. Then our team will reach out to you via email or phone call as soon as possible. From there we will discuss in further detail about your needs and the different types of loans we are able to offer to you for your project.
How Does A Hard Money Rehab Loan Work?
A hard money rehab loan is a great option for individuals or real estate investors who need quick cash in order to remodel or fix up a residential home in order to sell it for a profit or increase the value of their real estate investment. A hard money rehab loan is typically a short term loan that ranges from 6 months to 36 months in length and provides the individual with the capital they need to remodel their home or property.
What Are The Requirements To Receive A Hard Money Rehab Loan?
Some hard money lenders will require a certain credit score or experience level before providing rehab loans but our team strive to work with everyone in need. We don’t require a specific credit score and will attempt to make a deal that works for everyone. We have worked with professionals as well as complete beginners so we don’t require you to have experience with rehab loans or real estate. Our team is flexible and look forward to learning about your project and the capital you need.
How Much Do YoU Have To Put Down On A Hard Money Rehab Loan?
The down payment for a hard money rehab loan can vary greatly depending on your project and your needs. It is common for the average deposit to range from 10% to 30% depending on the specifics of your project and your loan. It is important to note that each rehab loan deal is customized and each loan deal will be structured in a unique way.
Can I Get A Rehab Loan If I Have A Low Credit Score?
Some hard money lenders will require a certain credit score and won’t lend to individuals with a loan credit score. Our team strive to work with any company or individual who are in need of a hard money rehab loan. We typically don’t require a specific credit score or experience level because we want to provide the necessary capital to anyone in need. If you have a low credit score or are worried about your experience level we recommend you still reach out to our team to see what we can do for you.
What Repairs To A Home Can You Do With A Rehab Loan?
A traditional FHA 203k loan will limit the type of repairs you can perform but a hard money rehab loan will have less regulations since the funds are coming from a private lender. This means you can repair or remodel most things within your home or residential real estate property. A few of the most common repairs are bathroom remodels, kitchen remodels, updating flooring, roof replacement, energy efficient home improvements, and much more.
How Fast Can I Get A Rehab Loan?
Since our capital is coming from a team of private lenders we are able to provide capital much quicker compared to a bank. It is possible to receive a hard money rehab loan in as little as a few days but this can range up to a week or two depending on the complexity of your loan deal.
What Kind of Rehab Loans Are There?
There are a few different kinds of rehab loans available to most companies or individuals who are looking to rehab or fix up a home. This can range from FHA 203(k) rehab loan, cash-out home refinance loan, home equity loans, personal loans, hard money rehab loans, and more. Each loan type has pros and cons but typically hard money rehab loans will provide faster closing times, more flexible loan structures, and require less requirements.
Is It Hard To Qualify For A Hard Money Rehab Loan?
Some lenders will require strict credit score requirements as well as experience with rehab loans in order to receive capital but our network of hard money lenders are typically open to making a deal with nearly anyone. We believe it is unfair to have incredibly strict requirements to qualify for a loan so we attempt to work with those in need. Come speak with our team to learn about the deal structure we can put in place for you.