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Hard Money Loans

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Loans can be approved in just a few hours

Easier to qualify for than traditional loans

Short-term loans can save you capital

Get cash from pre-existing assets

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Lending Overview

New and seasoned investors rely on hard money loans when they want property, equipment, and working capital. Since hard money loans are asset-based, investors without a long credit history or a relationship with a private lender can still qualify. Seasoned investors appreciate that hard money loans allow them to operate on a shortened timeline without the red tape that comes with traditional loans.

Hard money loans are short term and typically last between one and three years. Because of the accelerated timeline, a hard money loan may carry a higher interest rate than a more traditional loan. However, these loans are much more convenient and require less scrutiny of your business records and credit score. Loan values are based on a percentage of the asset’s value used to secure the loan.

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Effective Strategies for Utilizing Hard Money

How to Effectively
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Hard money loans have a variety of uses, but one common purpose is for buying and renovating properties. The value of the property being purchased can be assessed on its After Repair Value (ARV), which gives the buyer working capital to put toward renovation costs. Because borrowers aren’t locked into a long-term commercial mortgage, they can pay off the loan as soon as the property sells.

Another great way to utilize a hard money loan is with investment properties such as hotels, motels, offices, and multifamily housing. A hard money loan makes it easy to close on the desired property fast, without waiting weeks or months for a bank loan. Because investment properties are meant to generate revenue, the new income can pay off the loan faster, freeing up capital for the business sooner.

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Real Estate

Hard money loans help property investors act quickly to close on the deals they want most. With short approval times and lower credit requirements than traditional loans, it’s easy to get the financing you need fast. Avoid paying long-term interest when your loan term is three years or less.

Equipment

Startups and established businesses alike can leverage hard money loans to buy tech and equipment. When you don’t have the historical cash flow to qualify for traditional financing, hard money loans let you use the power of your equipment assets as collateral. Use one to buy new equipment or boost working capital from existing assets.

Refinance

Businesses can leverage the equity in their commercial real estate with a cash-out refinance. Use the capital to take advantage of investment opportunities, get a lower interest rate, or pay off another loan coming to the end of its term. Ask your broker for more ways you can put a hard money loan to work for your business.

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FAQ

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Q. Are hard money loans risky?

Hard money loans are riskier for lenders, not typically the borrowers. Because they require a less rigorous application process, they often compensate for their risk by charging higher interest rates. If you have questions about hard money lenders, it’s always best to ask a broker for information. They can give you insight into a lender’s reliability and customer service reputation.

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Q. What does a hard money loan cost?

Without information about your credit history, time in business, asset values, or requested loan amount, it’s hard to give a definitive answer about the cost of a hard money loan. There is no standard interest rate across the board as every borrower’s situation is different. A broker can help assess your eligibility and give you a tailored interest rate for the term you want.

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Q. Can I borrow hard money with a low credit score?

Yes! Hard money loans are asset-based, meaning the lender wants to know the value of your asset, and doesn’t rely strictly on your credit. The loan uses your property to secure the loan and may seize it if the loan isn’t paid. Find out how to qualify by speaking with a professional broker.

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Q. When is a hard money loan not the right fit?

Because hard money loans are riskier for lenders, they come with higher interest rates than what you’d pay on a commercial mortgage. If you can afford to wait for a conventional loan through another lender, you will save money on interest charges. The longer a loan’s term is, the lower its interest rate will be. To strike the right balance between rates and terms, speak with a broker.