800.883.8290Does the loan have a prepayment penalty?
Usually not but it could vary from deal to deal. Because much of the money used for hard money loans comes from private investors who want to keep our money working, we often require a ...
Will you extend the loan term if needed?
We are committed to help you with your real estate project so if you are performing and need to extend your loan its usually is fine. Our initial loan term is usually 12 months (sometimes ...
Do you lend purchase price or appraised value?
We usually lend on appraised ARV (after-repaired-value). Thus, if you purchase a property far under its ARV, we may be able to lend you the majority of the purchase price. Each project is different so ...
What types of properties will you lend on?
Hard Money Bankers lends on all types of residential investment properties and commercial buildings. Common property types are: Single-family residences, 1-4 unit properties, apartment buildings, retail shops, self- storage facilities, office buildings, small bars or ...
Do you work with or compensate brokers?
Yes, absolutly. Brokers are welcome and protected. A large amount of our loans come from Brokers all around the country and we work with them to help structure the best loan for their clients. ...
Can I get a hard money loan if I have a low credit score?
Yes, Hard Money Bankers does pull credit, but it is usually not the primary factor in our lending decisions. Unlike traditional lenders, we focus more on the property’s value and equity than the borrower’s credit ...
Is there a limit to the number of deals that I can buy?
No. Each deal stands on its own. If it makes good loan sense, you will get the loan regardless of how many properties you own. We have clients that we have multiple outstanding loans with ...
Do you allow secondary financing or seller-held notes?
Usually yes. Although there are times when we will not allow secondary liens, most times we don’t worry about where you come up with the remaining money to buy the property, whether from a business ...
How much money do I have to put in the deal?
The down payment for hard money lenders typically ranges from 10% to 40% of the property’s purchase price. We are usually at 20% down payment. The exact amount depends on the overall project, the borrower’s ...
What documents do I need to get started?
Before providing documents, we can have a quick conversation to make sure your project is a good fit or you can fill out our loan application (it takes less than 1 minute) at https://www.hardmoneybankers.com/loan-application/. Once ...
