{"id":1026,"date":"2024-07-09T18:45:24","date_gmt":"2024-07-09T18:45:24","guid":{"rendered":"http:\/\/folster.me\/?p=1026"},"modified":"2024-07-15T04:52:32","modified_gmt":"2024-07-15T04:52:32","slug":"the-best-hard-money-lenders-of-2024-interest-rates-fees-more","status":"publish","type":"post","link":"http:\/\/folster.me\/index.php\/2024\/07\/09\/the-best-hard-money-lenders-of-2024-interest-rates-fees-more\/","title":{"rendered":"The Best Hard Money Lenders of 2024 (Interest Rates, Fees &amp; More)"},"content":{"rendered":"<p>When traditional bank loans are unavailable for your investment projects, obtaining funds from hard money lenders is a great alternative option. Hard money lenders typically offer short-term loans backed by real estate collateral. These loans are helpful in situations where you need quick funding due to a new investment opportunity, property flip projects, or when you\u2019re just unable to obtain conventional lending. I\u2019ve scoured the web to find the six best hard money lenders for your investment needs.&nbsp;<\/p>\n<ul>\n<li><strong><a href=\"https:\/\/app.theclose.com\/goto\/kiavi-theclose-main\/\" target=\"_blank\" rel=\"noopener sponsored nofollow\">Kiavi<\/a>: <\/strong>Best for rapid financing for quick property flips<\/li>\n<li><strong><a href=\"https:\/\/app.theclose.com\/goto\/rcn-capital-theclose-main\/\" target=\"_blank\" rel=\"noopener sponsored nofollow\">RCN Capital<\/a>: <\/strong>Best for investors requiring large loan amounts&nbsp;<\/li>\n<li><strong><a href=\"https:\/\/app.theclose.com\/goto\/lima-one-capital-theclose-main\/\" target=\"_blank\" rel=\"noopener nofollow\">Lima One Capital<\/a>: <\/strong>Best for loan products for every type of investment strategy&nbsp;<\/li>\n<li><strong><a href=\"https:\/\/app.theclose.com\/goto\/groundfloor-theclose-main\/\" target=\"_blank\" rel=\"noopener nofollow\">Groundfloor<\/a>: <\/strong>Best for new investors with crowdsourced loan opportunities<\/li>\n<li><strong><a href=\"https:\/\/app.theclose.com\/goto\/the-investors-edge-main\/\" target=\"_blank\" rel=\"noopener nofollow\">The Investor\u2019s Edge<\/a>: <\/strong>Best for personalized investment strategies through one-on-one consultations<\/li>\n<li><strong><a href=\"https:\/\/app.theclose.com\/goto\/new-silver-theclose-main\/\" target=\"_blank\" rel=\"noopener sponsored nofollow\">New Silver<\/a>:<\/strong> Best for tech-savvy investors seeking fast, data-driven loan approvals<\/li>\n<\/ul>\n<div class=\"desktop-table\">\n<table id=\"tablepress-1795\" class=\"tablepress tablepress-id-1795\">\n<thead>\n<tr class=\"row-1 odd\">\n<th class=\"column-1\">Type of Software<\/th>\n<th class=\"column-2\">Best for<\/th>\n<th class=\"column-3\">Available markets<\/th>\n<th class=\"column-4\">Learn More<\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-hover\">\n<tr class=\"row-2 even\">\n<td class=\"column-1\"><img loading=\"lazy\" class=\"alignnone wp-image-97600\" src=\"http:\/\/folster.me\/wp-content\/uploads\/2024\/07\/Kiavi-Logo.png\" alt=\"kiavi logo\" width=\"180\" height=\"62\" \/><\/td>\n<td class=\"column-2\">Obtaining quick financing for your projects <\/td>\n<td class=\"column-3\">32 states plus Washington, D.C.<\/td>\n<td class=\"column-4\"><a href=\"#Kiavi\">Kiavi \u2193<\/a><\/td>\n<\/tr>\n<tr class=\"row-3 odd\">\n<td class=\"column-1\"><img loading=\"lazy\" class=\"alignnone wp-image-97601\" src=\"http:\/\/folster.me\/wp-content\/uploads\/2024\/07\/RCN-Capital-New-Logo.png\" alt=\"RCN Capital logo\" width=\"180\" height=\"61\" \/><\/td>\n<td class=\"column-2\">Investors needing large loan amounts<\/td>\n<td class=\"column-3\">All states except AK, NV, ND, SD, and VT<\/td>\n<td class=\"column-4\"><a href=\"#RCN\">RCN Capital \u2193<\/a><\/td>\n<\/tr>\n<tr class=\"row-4 even\">\n<td class=\"column-1\"><img loading=\"lazy\" class=\"alignnone wp-image-97602\" src=\"http:\/\/folster.me\/wp-content\/uploads\/2024\/07\/Lima_one_capital.png\" alt=\"lima one capital logo\" width=\"180\" height=\"53\" \/><\/td>\n<td class=\"column-2\">Loan products for every type of investment strategy<\/td>\n<td class=\"column-3\">46 states plus Washington, D.C.<\/td>\n<td class=\"column-4\"><a href=\"#Lima\">Lima One Capital \u2193<\/a><\/td>\n<\/tr>\n<tr class=\"row-5 odd\">\n<td class=\"column-1\"><img loading=\"lazy\" class=\"alignnone wp-image-97604\" src=\"http:\/\/folster.me\/wp-content\/uploads\/2024\/07\/Groundfloor-logo-900x175-1.png\" alt=\"groundfloor logo\" width=\"180\" height=\"35\" \/><\/td>\n<td class=\"column-2\">New investors with crowdsourced loan opportunities<\/td>\n<td class=\"column-3\">Nationwide<\/td>\n<td class=\"column-4\"><a href=\"#Groundfloor\">Groundfloor \u2193<\/a><\/td>\n<\/tr>\n<tr class=\"row-6 even\">\n<td class=\"column-1\"><img loading=\"lazy\" class=\"alignnone wp-image-97605\" src=\"http:\/\/folster.me\/wp-content\/uploads\/2024\/07\/investor_edge_logo.png\" alt=\"The Investor edge logo\" width=\"180\" height=\"66\" \/><\/td>\n<td class=\"column-2\">Investors that need 1-on-1 assistance with their projects <\/td>\n<td class=\"column-3\">39 states<\/td>\n<td class=\"column-4\"><a href=\"#Investors\">The Investor\u2019s Edge \u2193<\/a><\/td>\n<\/tr>\n<tr class=\"row-7 odd\">\n<td class=\"column-1\"><img loading=\"lazy\" class=\"alignnone wp-image-97606\" src=\"http:\/\/folster.me\/wp-content\/uploads\/2024\/07\/NewSilver-900x204-1.webp\" alt=\"New silver logo\" width=\"180\" height=\"41\" \/><\/td>\n<td class=\"column-2\">Investors needing instant loan approvals <\/td>\n<td class=\"column-3\">39 states<\/td>\n<td class=\"column-4\"><a href=\"#NS\">New Silver \u2193<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><!-- #tablepress-1795 from cache --><\/div>\n<div class=\"mobile-table\">\n<table id=\"tablepress-1819\" class=\"tablepress tablepress-id-1819\">\n<thead>\n<tr class=\"row-1 odd\">\n<th class=\"column-1\">Type of Software<\/th>\n<th class=\"column-2\">Best for<\/th>\n<th class=\"column-3\">Available markets<\/th>\n<th class=\"column-4\">Learn More<\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-hover\">\n<tr class=\"row-2 even\">\n<td class=\"column-1\"><img loading=\"lazy\" class=\"alignnone wp-image-97600\" src=\"http:\/\/folster.me\/wp-content\/uploads\/2024\/07\/Kiavi-Logo.png\" alt=\"kiavi logo\" width=\"180\" height=\"62\" \/><\/td>\n<td class=\"column-2\">Obtaining quick financing for your projects <\/td>\n<td class=\"column-3\">32 states plus Washington, D.C.<\/td>\n<td class=\"column-4\"><a href=\"#Kiavi\">Kiavi \u2193<\/a><\/td>\n<\/tr>\n<tr class=\"row-3 odd\">\n<td class=\"column-1\"><img loading=\"lazy\" class=\"alignnone wp-image-97601\" src=\"http:\/\/folster.me\/wp-content\/uploads\/2024\/07\/RCN-Capital-New-Logo.png\" alt=\"RCN Capital logo\" width=\"180\" height=\"61\" \/><\/td>\n<td class=\"column-2\">Investors needing large loan amounts<\/td>\n<td class=\"column-3\">All states except AK, NV, ND, SD, and VT<\/td>\n<td class=\"column-4\"><a href=\"#RCN\">RCN Capital \u2193<\/a><\/td>\n<\/tr>\n<tr class=\"row-4 even\">\n<td class=\"column-1\"><img loading=\"lazy\" class=\"alignnone wp-image-97602\" src=\"http:\/\/folster.me\/wp-content\/uploads\/2024\/07\/Lima_one_capital.png\" alt=\"lima one capital logo\" width=\"180\" height=\"53\" \/><\/td>\n<td class=\"column-2\">Loan products for every type of investment strategy<\/td>\n<td class=\"column-3\">46 states plus Washington, D.C.<\/td>\n<td class=\"column-4\"><a href=\"#Lima\">Lima One Capital \u2193<\/a><\/td>\n<\/tr>\n<tr class=\"row-5 odd\">\n<td class=\"column-1\"><img loading=\"lazy\" class=\"alignnone wp-image-97604\" src=\"http:\/\/folster.me\/wp-content\/uploads\/2024\/07\/Groundfloor-logo-900x175-1.png\" alt=\"groundfloor logo\" width=\"180\" height=\"35\" \/><\/td>\n<td class=\"column-2\">New investors with crowdsourced loan opportunities<\/td>\n<td class=\"column-3\">Nationwide<\/td>\n<td class=\"column-4\"><a href=\"#Groundfloor\">Groundfloor \u2193<\/a><\/td>\n<\/tr>\n<tr class=\"row-6 even\">\n<td class=\"column-1\"><img loading=\"lazy\" class=\"alignnone wp-image-97605\" src=\"http:\/\/folster.me\/wp-content\/uploads\/2024\/07\/investor_edge_logo.png\" alt=\"The Investor edge logo\" width=\"180\" height=\"66\" \/><\/td>\n<td class=\"column-2\">Investors that need 1-on-1 assistance with their projects <\/td>\n<td class=\"column-3\">39 states<\/td>\n<td class=\"column-4\"><a href=\"#Investors\">The Investor\u2019s Edge \u2193<\/a><\/td>\n<\/tr>\n<tr class=\"row-7 odd\">\n<td class=\"column-1\"><img loading=\"lazy\" class=\"alignnone wp-image-97606\" src=\"http:\/\/folster.me\/wp-content\/uploads\/2024\/07\/NewSilver-900x204-1.webp\" alt=\"New silver logo\" width=\"180\" height=\"41\" \/><\/td>\n<td class=\"column-2\">Investors needing instant loan approvals <\/td>\n<td class=\"column-3\">39 states<\/td>\n<td class=\"column-4\"><a href=\"#NS\">New Silver \u2193<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><!-- #tablepress-1819 from cache --><\/div>\n<h2 class=\"wp-block-heading\" id=\"Kiavi\">Kiavi: Best for Rapid Financing for Quick Property Flips<\/h2>\n<table id=\"tablepress-1813\" class=\"tablepress tablepress-id-1813\">\n<thead>\n<tr class=\"row-1 odd\">\n<th colspan=\"2\" class=\"column-1\"><img loading=\"lazy\" class=\"alignnone wp-image-97600\" src=\"http:\/\/folster.me\/wp-content\/uploads\/2024\/07\/Kiavi-Logo.png\" alt=\"kiavi logo\" width=\"180\" height=\"62\" \/><\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-hover\">\n<tr class=\"row-2 even\">\n<td class=\"column-1\"><strong><\/p>\n<p>Pros<\/p>\n<p><\/strong><\/p>\n<ul class=\"checkmark-icon\">\n<li>Has no application fees<\/li>\n<li>Can close in as little as 7 days<\/li>\n<li>Offers experienced customer support<\/li>\n<li>Lends to business entities<\/li>\n<\/ul>\n<\/td>\n<td rowspan=\"2\" class=\"column-2\"><strong><\/p>\n<p>Kiavi Rates &amp; Terms<\/p>\n<p><\/strong><\/p>\n<ul>\n<li><strong>Interest rate:<\/strong>\u00a09.25% to 12% interest only<\/li>\n<li><strong>Loan-to-value ratio (LTV):<\/strong>\u00a095% LTC (loan-to-cost), up to 100% of rehab costs, 80% ARV (after-repair value)<\/li>\n<li><strong>Upfront fees:<\/strong>\u00a0No upfront fees; 2% to 3% origination fee<\/li>\n<li><strong>Term:<\/strong>\u00a012 to 24 months<\/li>\n<li><strong>Credit requirement:<\/strong>\u00a0650 FICO score, no hard credit pull<\/li>\n<li><strong>Min and max loan amount:<\/strong>\u00a0$75,000 to $3 million<\/li>\n<li><strong>Prepayment penalty:<\/strong>\u00a0Yes<\/li>\n<li><strong>Property types:<\/strong>\u00a0Single-family homes, attached and detached planned unit developments (PUDs), and 2-4 unit rentals<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr class=\"row-3 odd\">\n<td class=\"column-1\"><strong><\/p>\n<p>Cons<\/p>\n<p><\/strong><\/p>\n<ul class=\"xmark-icon\">\n<li>Is not available in all states<\/li>\n<li>Requires appraisal for rental loans<\/li>\n<li>Cannot get long-term financing as a prepayment penalty<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><!-- #tablepress-1813 from cache --><\/p>\n<h3 class=\"wp-block-heading\">Why I Chose Kiavi&nbsp;<\/h3>\n<p>I chose Kiavi as one of the best hard money lenders for rapid financing for <a href=\"https:\/\/theclose.com\/flipping-houses\/\">quick property flips<\/a> because of their efficient loan processing. They specifically offer fix and flip loans with rates as low as 9.25%. Because of their swift financing process, inventors can compete with all-cash buyers on new purchases. Their application process bypasses tedious paperwork like pay stubs and W-2s, as their technology can cut through the clutter and get you approved quickly.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" width=\"800\" height=\"630\" src=\"http:\/\/folster.me\/wp-content\/uploads\/2024\/07\/unnamed-2024-07-09T143708.734.png\" alt=\"Screenshot of a few loan application questions\" class=\"wp-image-97620\" \/><figcaption class=\"wp-element-caption\">Kiavi application (Source: <a href=\"https:\/\/www.kiavi.com\/loans\/fix-and-flip\" target=\"_blank\" rel=\"noopener\">Kiavi<\/a>)<\/figcaption><\/figure>\n<\/div>\n<h3 class=\"wp-block-heading\">Additional Features<\/h3>\n<ul>\n<li><strong>Prequalification: <\/strong>With just a soft credit pull, <a href=\"https:\/\/theclose.com\/real-estate-investing\/\">real estate investors<\/a> can prepare to make quick offers on any opportunities that arise.&nbsp;<\/li>\n<li><strong>Flexible loan amounts: <\/strong>With loans up to $3 million, Kiavi can accommodate small renovations and large-scale projects.<\/li>\n<\/ul>\n<div class=\"text-center\">\n    <a class=\"button  \">Visit Kiavi<\/a>\n  <\/div>\n<h2 class=\"wp-block-heading\" id=\"RCN\">RCN Capital: Best for Investors Requiring Large Loan Amounts<\/h2>\n<table id=\"tablepress-1814\" class=\"tablepress tablepress-id-1814\">\n<thead>\n<tr class=\"row-1 odd\">\n<th colspan=\"2\" class=\"column-1\"><img loading=\"lazy\" class=\"alignnone wp-image-97601\" src=\"http:\/\/folster.me\/wp-content\/uploads\/2024\/07\/RCN-Capital-New-Logo.png\" alt=\"RCN Capital logo\" width=\"180\" height=\"61\" \/><\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-hover\">\n<tr class=\"row-2 even\">\n<td class=\"column-1\"><strong><\/p>\n<p>Pros<\/p>\n<p><\/strong><\/p>\n<ul class=\"checkmark-icon\">\n<li>Can close in as little as 10 days<\/li>\n<li>Has in-house loan approvals<\/li>\n<li>Has dedicated customer service<\/li>\n<li>Has funding for new construction projects<\/li>\n<\/ul>\n<\/td>\n<td rowspan=\"2\" class=\"column-2\"><strong><\/p>\n<p>RCN Capital Rates &amp; Terms<\/p>\n<p><\/strong><\/p>\n<ul>\n<li><strong>Interest rate:<\/strong>\u00a010.24% to 10.99%, varying based on investing experience<\/li>\n<li><strong>Loan-to-value ratio:<\/strong>\u00a0Up to 90% of the purchase price, 100% of renovation cost (not to exceed 67.5% of ARV)<\/li>\n<li><strong>Term:\u00a0<\/strong>12 to 18 months<\/li>\n<li><strong>Upfront fees:<\/strong>\u00a02% to 5% of the loan amount<\/li>\n<li><strong>Credit requirement:<\/strong>\u00a0620 minimum credit score<\/li>\n<li><strong>Maximum loan amount:<\/strong>\u00a0$7.5 million generally, up to $10 million for properties with 5+ units and mixed-use<\/li>\n<li><strong>Prepayment penalty:<\/strong>\u00a0None<\/li>\n<li><strong>Property types:<\/strong>\u00a0Condo, townhouse, single-family, duplex, multiunit, mixed-use; not for owner-occupied properties<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr class=\"row-3 odd\">\n<td class=\"column-1\"><strong><\/p>\n<p>Cons<\/p>\n<p><\/strong><\/p>\n<ul class=\"xmark-icon\">\n<li>Has no nationwide coverage<\/li>\n<li>Requires appraisal for all loans<\/li>\n<li>Has a minimum loan amount that may be high for new investors<\/li>\n<li>Has no funding for owner-occupied residential properties<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><!-- #tablepress-1814 from cache --><\/p>\n<h3 class=\"wp-block-heading\">Why I Chose RCN Capital<\/h3>\n<p>I selected RCN Capital because it\u2019s one of the hard money lenders for real estate that offers loans up to $7.5 million. This amount is significantly higher than many other hard money loan lenders, making it <a href=\"https:\/\/theclose.com\/real-estate-investment-business-plan\/\">ideal for investors<\/a> handling large-scale developments or multiple rental properties. RCN determines the maximum loan value based on the loan program and the value of the real estate asset as collateral. Unlike more tech-forward lenders, RCN requires a typical application process to include credit reports, background checks, bank statements, property appraisals, etc.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" width=\"1200\" height=\"353\" src=\"http:\/\/folster.me\/wp-content\/uploads\/2024\/07\/unnamed-2024-07-09T143712.651-1200x353-1.png\" alt=\"Screenshot of video library with headshots of video host\" class=\"wp-image-97626\" \/><figcaption class=\"wp-element-caption\">Video library (Source: <a href=\"https:\/\/rcncapital.com\/video-library\" target=\"_blank\" rel=\"noopener\">RCN Capital<\/a>)<\/figcaption><\/figure>\n<\/div>\n<h3 class=\"wp-block-heading\">Additional Features<\/h3>\n<ul>\n<li><strong>Rehab budget builder: <\/strong>This tool is available to help <a href=\"https:\/\/theclose.com\/why-invest-in-real-estate\/\">investors analyze their investments<\/a> to understand cost, risk, ROI, etc.<\/li>\n<li><strong>Video Library:<\/strong> It includes up-to-date videos that offer market updates, investment tips, and motivational content.<\/li>\n<\/ul>\n<div class=\"text-center\">\n    <a class=\"button  \">Visit RCN Capital<\/a>\n  <\/div>\n<h2 class=\"wp-block-heading\" id=\"Lima\">Lima One Capital: Best for Loan Products for Every Type of Investment Strategy<\/h2>\n<table id=\"tablepress-1815\" class=\"tablepress tablepress-id-1815\">\n<thead>\n<tr class=\"row-1 odd\">\n<th colspan=\"2\" class=\"column-1\"><img loading=\"lazy\" class=\"alignnone wp-image-97602\" src=\"http:\/\/folster.me\/wp-content\/uploads\/2024\/07\/Lima_one_capital.png\" alt=\"lima one capital logo\" width=\"180\" height=\"53\" \/><\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-hover\">\n<tr class=\"row-2 even\">\n<td class=\"column-1\"><strong><\/p>\n<p>Pros<\/p>\n<p><\/strong><\/p>\n<ul class=\"checkmark-icon\">\n<li>Has clearly outlined loan terms<\/li>\n<li>Approves loan in under ten days<\/li>\n<li>Has a simple renewal process once approved<\/li>\n<li>Has an established investor referral program<\/li>\n<\/ul>\n<\/td>\n<td rowspan=\"2\" class=\"column-2\">\n<p><strong>Lima One Capital Rates &amp; Terms<\/strong><\/p>\n<p><\/p>\n<ul>\n<li><strong>Interest rate:<\/strong>\u00a09.6% to 12% interest only<\/li>\n<li><strong>Loan-to-value ratio:<\/strong>\u00a092.5% of LTC, 75% ARV<\/li>\n<li><strong>Term:\u00a0<\/strong>13 to 24 months<\/li>\n<li><strong>Upfront fees:<\/strong>\u00a01% to 2.25% of the loan amount<\/li>\n<li><strong>Credit requirement:<\/strong>\u00a0620 minimum credit score, 660 for inexperienced borrowers, options for nonrecourse and soft credit pulls available<\/li>\n<li><strong>Maximum loan amount:<\/strong>\u00a0$3 million<\/li>\n<li><strong>Prepayment penalty:\u00a0<\/strong>None<\/li>\n<li><strong>Property types:\u00a0<\/strong>Townhouse, single-family, multiunit up to 4; not for owner-occupied properties<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr class=\"row-3 odd\">\n<td class=\"column-1\"><strong><\/p>\n<p>Cons<\/p>\n<p><\/strong><\/p>\n<ul class=\"xmark-icon\">\n<li>Has limited coverage in certain states<\/li>\n<li>Might require personal guarantees<\/li>\n<li>Requires high credit scores for some programs<\/li>\n<li>May not be a good option for new investors<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><!-- #tablepress-1815 from cache --><\/p>\n<h3 class=\"wp-block-heading\">Why I Chose Lima One Capital<\/h3>\n<p>Lima One Capital&#8217;s extensive range of loan products makes it the best hard money lender for supporting every type of investment strategy. Even within each loan product, like fix and flip loans, there are multiple financing options for flipping, fix-to-rent, and bridge loans. They also provide loans for rentals, new construction, multifamily properties, and short-term rentals. In addition, they offer investors a variety of loan terms and structure options like loans from 13-24 months, nonrecourse, single loans, and portfolios. Best of all, investors only have to pay interest on what they draw and not on unused funds.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" width=\"1200\" height=\"332\" src=\"http:\/\/folster.me\/wp-content\/uploads\/2024\/07\/unnamed-2024-07-09T143716.114-1200x332-1.png\" alt=\"Screenshot of available loan programs from Lima One Capital\" class=\"wp-image-97629\" \/><figcaption class=\"wp-element-caption\">Lima One Capital Product offering (Source: <a href=\"https:\/\/www.limaone.com\/\" target=\"_blank\" rel=\"noopener\">Lima One Capital<\/a>)<\/figcaption><\/figure>\n<\/div>\n<h3 class=\"wp-block-heading\">Additional Features<\/h3>\n<ul>\n<li><strong>Case studies: <\/strong>Detailed case studies on their website illustrate the strategies, financial figures, challenges, and outcomes of real-world property investments.<\/li>\n<li><strong>Podcast:<\/strong> A podcast covers various topics relevant to real estate investing and provides ongoing education and industry insights in an easily accessible audio format.<\/li>\n<\/ul>\n<div class=\"text-center\">\n    <a class=\"button  \">Visit Lima One Capital<\/a>\n  <\/div>\n<h2 class=\"wp-block-heading\" id=\"Groundfloor\">Groundfloor: Best for New Investors With Crowdsourced Loan Opportunities<\/h2>\n<table id=\"tablepress-1816\" class=\"tablepress tablepress-id-1816\">\n<thead>\n<tr class=\"row-1 odd\">\n<th colspan=\"2\" class=\"column-1\"><img loading=\"lazy\" class=\"alignnone wp-image-97604\" src=\"http:\/\/folster.me\/wp-content\/uploads\/2024\/07\/Groundfloor-logo-900x175-1.png\" alt=\"groundfloor logo\" width=\"180\" height=\"35\" \/><\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-hover\">\n<tr class=\"row-2 even\">\n<td class=\"column-1\"><strong><\/p>\n<p>Pros<\/p>\n<p><\/strong><\/p>\n<ul class=\"checkmark-icon\">\n<li>Has no hard credit pulls<\/li>\n<li>Has deferred payments available<\/li>\n<li>Has minimum loan amount of $50,000<\/li>\n<li>Has no minimum transaction experience<\/li>\n<\/ul>\n<\/td>\n<td rowspan=\"2\" class=\"column-2\">\n<p><strong>Groundfloor Rates &amp; Terms<\/strong><\/p>\n<p><\/p>\n<ul>\n<li><strong>Interest rate:<\/strong>\u00a0Starting at 7.5%<\/li>\n<li><strong>Loan-to-value ratio:<\/strong>\u00a080% to 100% of LTC, 70% of ARV<\/li>\n<li><strong>Upfront fees:\u00a0<\/strong>$495 evaluation fee, 2.75% to 4% origination fee (can be financed), $1,200 doc prep fee<\/li>\n<li><strong>Credit requirement:\u00a0<\/strong>650 minimum credit score<\/li>\n<li><strong>Maximum loan amount:<\/strong>\u00a0$75,000 to $750,000<\/li>\n<li><strong>Prepayment penalty:<\/strong>\u00a0None after three months<\/li>\n<li><strong>Property types:<\/strong>\u00a0New construction, condo, townhome, single-family, multiunits up to four<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr class=\"row-3 odd\">\n<td class=\"column-1\"><strong><\/p>\n<p>Cons<\/p>\n<p><\/strong><\/p>\n<ul class=\"xmark-icon\">\n<li>Requires a higher minimum credit score<\/li>\n<li>Has a minimum interest requirement for prepayment<\/li>\n<li>Has a longer application closing timeline<\/li>\n<li>Has high closing fees<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><!-- #tablepress-1816 from cache --><\/p>\n<h3 class=\"wp-block-heading\">Why I Chose Groundfloor<\/h3>\n<p>Groundfloor is ideal for new investors because of the lack of transaction experience required. They are one of the national hard money lenders that allows investors to start with smaller amounts and gain experience in real estate financing. The trade-off for a lack of investor experience is that Groundfloor will require a higher credit score. They provide a comprehensive education hub for investors to access videos on growing wealth and budgeting their finances. I also found that their crowdfunding investment options offer a great opportunity for new investors to invest in real estate without taking on the purchasing burden.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" width=\"1200\" height=\"647\" src=\"http:\/\/folster.me\/wp-content\/uploads\/2024\/07\/unnamed-2024-07-09T143719.729-1200x647-1.png\" alt=\"Screenshots of videos offered in the education hub for Groundfloor\" class=\"wp-image-97632\" \/><figcaption class=\"wp-element-caption\">Education hub (Source: <a href=\"https:\/\/groundfloor.com\/education-hub\/\" target=\"_blank\" rel=\"noopener\">Groundfloor<\/a>)<\/figcaption><\/figure>\n<\/div>\n<h3 class=\"wp-block-heading\">Additional Features<\/h3>\n<ul>\n<li><strong>Blog:<\/strong> A regularly updated blog provides insights, updates, and educational content related to real estate investing and personal finance.<\/li>\n<li><strong>Debt service coverage ratio (DSCR) loans:<\/strong> Long-term loans are available based on <a href=\"https:\/\/theclose.com\/cash-flow-real-estate-investments\/\">cash flow generated<\/a> by the property instead of loan approvals based on the investor\u2019s income.&nbsp;<\/li>\n<\/ul>\n<div class=\"text-center\">\n    <a class=\"button  \">Visit Groundfloor<\/a>\n  <\/div>\n<h2 class=\"wp-block-heading\" id=\"Investors\">The Investor\u2019s Edge: Best for Personalized Investment Strategies through 1:1 Consultations<\/h2>\n<table id=\"tablepress-1817\" class=\"tablepress tablepress-id-1817\">\n<thead>\n<tr class=\"row-1 odd\">\n<th colspan=\"2\" class=\"column-1\"><img loading=\"lazy\" class=\"alignnone wp-image-97605\" src=\"http:\/\/folster.me\/wp-content\/uploads\/2024\/07\/investor_edge_logo.png\" alt=\"The Investor edge logo\" width=\"180\" height=\"66\" \/><\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-hover\">\n<tr class=\"row-2 even\">\n<td class=\"column-1\"><strong><\/p>\n<p>Pros<\/p>\n<p><\/strong><\/p>\n<ul class=\"checkmark-icon\">\n<li>Has 100% funding options available<\/li>\n<li>Is ideal for new investors<\/li>\n<li>Offers free lending consultation<\/li>\n<li>Has available funding for multiple properties<\/li>\n<\/ul>\n<\/td>\n<td rowspan=\"2\" class=\"column-2\">\n<p><strong>The Investor\u2019s Edge Rates &amp; Terms<\/strong><\/p>\n<p><\/p>\n<ul>\n<li><strong>Interest rate:\u00a0<\/strong>12% to 18% interest only, with the option to roll monthly interest payments into the final payoff statement.<\/li>\n<li><strong>Loan-to-value ratio:<\/strong>\u00a080 to 100% of LTC, 75% of ARV<\/li>\n<li><strong>Upfront fees:<\/strong>\u00a0$495 evaluation fee, 3% to 5% origination fee (can be financed), $1,200 doc prep fee<\/li>\n<li><strong>Credit requirement:\u00a0<\/strong>No minimum credit score<\/li>\n<li><strong>Maximum loan amount:\u00a0<\/strong>$250,000 for 100% loans, $1 million for all others<\/li>\n<li><strong>Prepayment penalty:\u00a0<\/strong>None<\/li>\n<li><strong>Property types:\u00a0<\/strong>New construction, condo, townhome, single-family, multiunits up to 4<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr class=\"row-3 odd\">\n<td class=\"column-1\"><strong><\/p>\n<p>Cons<\/p>\n<p><\/strong><\/p>\n<ul class=\"xmark-icon\">\n<li>Has higher interest rates compared with competitors\u2019<\/li>\n<li>Can take up to 12 days to approve loans<\/li>\n<li>Has website information that can be overwhelming to new investors<\/li>\n<li>Does not clearly list loan details<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><!-- #tablepress-1817 from cache --><\/p>\n<h3 class=\"wp-block-heading\">Why I Chose The Investor\u2019s Edge<\/h3>\n<p>I am a fan of The Investor\u2019s Edge as the best for personalized investment strategies due to their focus on partnering with investors and their projects. They offer free one-on-one consultations to help investors identify which investment strategies will help them reach their financial goals. Beyond the consultations, the team at The Investor\u2019s Edge team will help investors identify, fund, and sell their properties. I also appreciate the availability of informative courses tailored to <a href=\"https:\/\/theclose.com\/how-to-evaluate-fix-and-flip-houses\/\">home and land flipping<\/a> for new investors.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" src=\"http:\/\/folster.me\/wp-content\/uploads\/2024\/07\/unnamed-2024-07-09T143723.798-1200x584-1.png\" alt=\"Screenshot of the available podcasts offered by The Investor&#039;s Edge\" class=\"wp-image-97635\" width=\"840\" height=\"408\" \/><figcaption class=\"wp-element-caption\"><span id=\"docs-internal-guid-072b3984-7fff-5f8b-f2d2-447b9fd11c75\"><span style=\"font-size: 11pt;font-family: Arial, sans-serif;background-color: transparent;vertical-align: baseline\">Income hacker podcast (Source: <\/span><a href=\"https:\/\/www.theinvestorsedge.com\/incomehacker\" target=\"_blank\" rel=\"noopener\"><span style=\"font-size: 11pt;font-family: Arial, sans-serif;background-color: transparent;vertical-align: baseline\">The Investor\u2019s Edge<\/span><\/a><span style=\"font-size: 11pt;font-family: Arial, sans-serif;background-color: transparent;vertical-align: baseline\">)<\/span><\/span><\/figcaption><\/figure>\n<\/div>\n<h3 class=\"wp-block-heading\">Additional Features<\/h3>\n<ul>\n<li><strong>Gap financing:<\/strong> It is a type of short-term loan available to investors that covers the difference between the total funding needed for a project and the principal amount already secured.&nbsp;<\/li>\n<li><strong>The Investor\u2019s Edge Software: <\/strong>It is a comprehensive tool designed for investors to efficiently perform <a href=\"https:\/\/theclose.com\/real-estate-market-cycles\/\">real estate market<\/a> analysis, property valuation, and investment strategy planning.&nbsp;<\/li>\n<\/ul>\n<div class=\"text-center\">\n    <a class=\"button  \">Visit The Investor\u2019s Edge<\/a>\n  <\/div>\n<h2 class=\"wp-block-heading\" id=\"NS\">New Silver: Best for Tech-savvy Investors Seeking Fast, Data-driven Loan Approvals<\/h2>\n<table id=\"tablepress-1818\" class=\"tablepress tablepress-id-1818\">\n<thead>\n<tr class=\"row-1 odd\">\n<th colspan=\"2\" class=\"column-1\"><img loading=\"lazy\" class=\"alignnone wp-image-97606\" src=\"http:\/\/folster.me\/wp-content\/uploads\/2024\/07\/NewSilver-900x204-1.webp\" alt=\"New silver logo\" width=\"180\" height=\"41\" \/><\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-hover\">\n<tr class=\"row-2 even\">\n<td class=\"column-1\"><strong><\/p>\n<p>Pros<\/p>\n<p><\/strong><\/p>\n<ul class=\"checkmark-icon\">\n<li>Provides instant proof of funds documents<\/li>\n<li>Has no hard credit pulls<\/li>\n<li>Offers repeat borrower discounts<\/li>\n<li>Offers immediate online approval<\/li>\n<\/ul>\n<\/td>\n<td rowspan=\"2\" class=\"column-2\">\n<p><strong>New Silver Rates &amp; Terms<\/strong><\/p>\n<p><\/p>\n<ul>\n<li><strong>Interest rate:<\/strong>\u00a010% to 12.75% interest only<\/li>\n<li><strong>Loan-to-value ratio:<\/strong>\u00a090% of LTC, 80% of ARV<\/li>\n<li><strong>Term:\u00a0<\/strong>Up to 24 months<\/li>\n<li><strong>Upfront fees:\u00a0<\/strong>1.875% to 3% origination fee ($3,500 minimum, can be financed), $759 underwriting fee, $1,250 legal fee, $350 doc prep fee<\/li>\n<li><strong>Credit requirement:<\/strong>\u00a0650 minimum credit score; no hard credit pull<\/li>\n<li><strong>Maximum loan amount:<\/strong>\u00a0$100,000 to $5 million<\/li>\n<li><strong>Prepayment penalty:<\/strong>\u00a0None<\/li>\n<li><strong>Property types:<\/strong>\u00a0Residential 1 to 12 units, including single-family, condo, and townhomes; multifamily up to 50 units<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr class=\"row-3 odd\">\n<td class=\"column-1\"><strong><\/p>\n<p>Cons<\/p>\n<p><\/strong><\/p>\n<ul class=\"xmark-icon\">\n<li>Has fees for appraisals<\/li>\n<li>Has no closing cost credits<\/li>\n<li>Limits the maximum size to 5 acres for fix and flip loans<\/li>\n<li>Only offers loans for residential properties with 1 to 50 units<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><!-- #tablepress-1818 from cache --><\/p>\n<h3 class=\"wp-block-heading\">Why I Chose New Silver<\/h3>\n<p>New Silver is one of the hard money loan lenders ideal for tech-savvy investors because of its efficient, AI-driven loan approval processes. Investors can get instant online approval in just five minutes and close in as little as five days. Loans secured through real estate collateral only require a soft credit pull in addition to the property&#8217;s value. They do not need income verification for loan approval. I appreciate the platform&#8217;s focus on streamlining the lending process, which minimizes paperwork and accelerates the timeline from application to funding.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" width=\"1200\" height=\"921\" src=\"http:\/\/folster.me\/wp-content\/uploads\/2024\/07\/unnamed-2024-07-09T143727.606-1200x921-1.png\" alt=\"Screenshot of one of the loan application questions\" class=\"wp-image-97638\" \/><figcaption class=\"wp-element-caption\">New Silver application question (Source: <a href=\"https:\/\/getfunded.newsilver.com\/?utm_content=homepage_top&amp;_gl=1*1cczo7s*_gcl_au*MjcxNjI5NDU3LjE3MTkzNTk3MzE.*_ga*MTE3OTIzNTAzOC4xNzE5MzU5NzMy*_ga_DVC21T22TG*MTcxOTUzNzI4MC4yLjEuMTcxOTUzNzk0OS4wLjAuMjAwNjQwNTc3Mg..&amp;data=eyJzdGF0dXMiOjAsImxvYW5UeXBlIjowLCJpc1JlZmluYW5jZSI6ZmFsc2UsInByb3BlcnRpZXNDb3VudCI6MCwiYWRkcmVzc1NraXBwZWQiOmZhbHNlfQ==\" target=\"_blank\" rel=\"noopener\">New Silver<\/a>)<\/figcaption><\/figure>\n<\/div>\n<h3 class=\"wp-block-heading\">Additional Features<\/h3>\n<ul>\n<li><strong>Advantage program: <\/strong>It has enhanced loan terms and rates to <a href=\"https:\/\/theclose.com\/how-to-use-the-brrrr-method\/\">repeat borrowers<\/a> who have successfully completed previous projects with New Silver.&nbsp;<\/li>\n<li><strong>Fintech scholarship: <\/strong>It has an initiative to support students pursuing studies in financial technology-related fields.&nbsp;<\/li>\n<\/ul>\n<div class=\"text-center\">\n    <a class=\"button  \">Visit New Silver<\/a>\n  <\/div>\n<h2 class=\"wp-block-heading\" id=\"Hard-Money-Lender\">What Is a Hard Money Lender?&nbsp;<\/h2>\n<p>Hard money lending companies provide specialized financing where real estate property is pledged as collateral. They are much different from a traditional lender, such as a bank, which first and foremost bases its decisions on a borrower&#8217;s credit history and income when deciding whether to approve a loan.&nbsp;<\/p>\n<p>Hard money lenders focus primarily on the property&#8217;s value and potential. This focus on asset value, not creditworthiness, makes hard money loan lenders quite applicable in real estate ventures where time is of the essence to maximize new investment opportunities.&nbsp;<\/p>\n<h2 class=\"wp-block-heading\" id=\"procon\">Pros &amp; Cons of Hard Money Loans&nbsp;<\/h2>\n<p>Hard money loans are one of the most popular financing options for real estate investors because they provide quick turnaround on projects where traditional funding may not be possible. The table below identifies all the pros and cons related to hard money loans that investors should be aware of when considering this financing option:<\/p>\n<table id=\"tablepress-1802\" class=\"tablepress tablepress-id-1802 procon\">\n<thead>\n<tr class=\"row-1 odd\">\n<th class=\"column-1\"><strong>Pros<\/strong><\/th>\n<th class=\"column-2\"><strong>Cons<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-hover\">\n<tr class=\"row-2 even\">\n<td class=\"column-1\">\n<ul>\n<li>Loans can be secured quickly, often within days, ideal for time-sensitive deals.<\/li>\n<\/ul>\n<\/td>\n<td class=\"column-2\">\n<ul>\n<li>They have higher interest rates and fees compared to traditional loans.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr class=\"row-3 odd\">\n<td class=\"column-1\">\n<ul>\n<li>Terms can be adjusted to suit specific borrower needs, accommodating unique situations.<\/li>\n<\/ul>\n<\/td>\n<td class=\"column-2\">\n<ul>\n<li>They typically require repayment within a year or two, posing risks if investments don\u2019t pay off quickly.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr class=\"row-4 even\">\n<td class=\"column-1\">\n<ul>\n<li>They are available to borrowers with poor credit or unconventional income sources.<\/li>\n<\/ul>\n<\/td>\n<td class=\"column-2\">\n<ul>\n<li>There is a risk of losing the real estate if the loan goes into default.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr class=\"row-5 odd\">\n<td class=\"column-1\">\n<ul>\n<li>They have less bureaucracy and simpler application processes than in traditional banks.<\/li>\n<\/ul>\n<\/td>\n<td class=\"column-2\">\n<ul>\n<li>Borrowers often need significant equity in the property to qualify for a loan.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr class=\"row-6 even\">\n<td class=\"column-1\">\n<ul>\n<li>Lenders evaluate the property\u2019s potential, which is beneficial for fix-and-flip projects.<\/li>\n<\/ul>\n<\/td>\n<td class=\"column-2\">\n<ul>\n<li>Fewer regulations can mean fewer protections for the borrower.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr class=\"row-7 odd\">\n<td class=\"column-1\">\n<ul>\n<li>Some lenders do not charge penalties for early loan repayment, which can save you money if you settle debts quickly.<\/li>\n<\/ul>\n<\/td>\n<td class=\"column-2\">\n<ul>\n<li>Refinancing a hard money loan with a traditional loan can be challenging due to the short-term nature and cost of hard money loans.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><!-- #tablepress-1802 from cache --><\/p>\n<h2 class=\"wp-block-heading\" id=\"How-to\">How to Know if You Need a Hard Money Lender<\/h2>\n<p>Knowing whether a hard money lender is the proper fit for your real estate financing involves many considerations. Most hard money loans are designed for unique situations or circumstances that traditional funding just can&#8217;t handle. The following is a closer look at situations where you should consider a hard money lender:<\/p>\n<ul>\n<li><strong>Quick funds are needed:<\/strong> You require quick financing to secure a real estate deal before potential competitors.<\/li>\n<li><strong>Credit issues:<\/strong> Traditional financing isn\u2019t an option due to credit issues or unconventional income that doesn\u2019t satisfy typical bank requirements.<\/li>\n<li><strong>Short-term financing:<\/strong> For projects like fix-and-flips or bridge loans, you need short-term financing.<\/li>\n<li><strong>Investment opportunities:<\/strong> You encounter a real estate investment opportunity that requires immediate action that conventional funding sources cannot meet.<\/li>\n<li><strong>Renovation projects:<\/strong> You need financing for purchasing properties that require significant repairs that traditional banks may not finance because of their condition.<\/li>\n<\/ul>\n<h2 class=\"wp-block-heading\" id=\"Choose\">How to Choose the Best Hard Money Lenders<\/h2>\n<p>The right lender can make or break your investment. Keeping these factors in mind will put you in a better position to know when you really need a hard money lender and how to be sure you are selecting an appropriate one for your specific financial and project goals. This evaluation allows you to work with the best lender possible for the most optimal terms possible for your investment strategy. Here is how to choose the right hard money lender:<\/p>\n<ol>\n<li><strong>Evaluate lender reputation:<\/strong> Research the lender&#8217;s track record, customer reviews, and industry reputation to ensure they are reliable and fair.<\/li>\n<li><strong>Understand the terms:<\/strong> Fully comprehend all loan terms, including interest rates, fees, loan-to-value ratio, and repayment schedule.<\/li>\n<li><strong>Assess the speed of funding:<\/strong> Since time is often critical, assess how quickly the lender can process and fund the loan.<\/li>\n<li><strong>Professional advice:<\/strong> Consider consulting with a financial advisor or real estate professional to help navigate the process and select the best lender for your specific needs.<\/li>\n<li><strong>Compare multiple offers:<\/strong> Don\u2019t settle for the first lender you meet. Compare different offers to find the best terms and rates.<\/li>\n<li><strong>Check for transparency:<\/strong> Ensure the lender is transparent about all costs, fees, and any penalties associated with the loans.&nbsp;<\/li>\n<\/ol>\n<h2 class=\"wp-block-heading\" id=\"Methodology\">Methodology: How I Chose the Best Hard Money Lenders&nbsp;<\/h2>\n<p>To find the best hard money lenders of 2024, I devised a rigorous methodology focused on the most critical factors to create an unbiased review. I reviewed various lenders against multiple key factors to ensure I viewed them through the lens of what would be most important to a real estate investor. The detailed analysis then isolated lenders that support good, solid financial solutions and blend well with various investment strategies and goals.&nbsp;<\/p>\n<p>Here are the key factors considered:<\/p>\n<ul>\n<li><strong>Interest rates and loan terms:<\/strong> Assessed the competitiveness and flexibility of each lender&#8217;s offerings.<\/li>\n<li><strong>Speed of loan processing and funding: <\/strong>Evaluated how quickly each lender processes and disburses funds, a crucial factor for time-sensitive investments.<\/li>\n<li><strong>Lender reputation: <\/strong>Examined customer reviews and industry feedback to gauge each lender&#8217;s reliability and overall customer satisfaction<\/li>\n<li><strong>Transparency:<\/strong> Focused on how openly each lender communicates fee structures and loan conditions, ensuring no hidden costs exist.<\/li>\n<li><strong>Geographical coverage: <\/strong>Considered the availability of services across different regions to accommodate investors in various locations<\/li>\n<li><strong>Target audience suitability:<\/strong> Analyzed which types of real estate investors (e.g., fix-and-flippers, buy-and-hold investors, and commercial developers) each lender best caters to based on their product offerings and specialty areas<\/li>\n<\/ul>\n<h2 class=\"wp-block-heading\" id=\"FAQs\">Frequently Asked Questions (FAQs)<\/h2>\n<div class=\"d-flex justify-content-between align-items-center cursor-pointer pe-24 close-accordion-heading collapsed\">\n<h3 id=\"what-are-the-typical-interest-rates-for-hard-money-loans\" class=\"my-40\">What are the typical interest rates for hard money loans?<br \/>\n\t\t\t\t<\/h3>\n<p><img alt=\"expand\/collapse\" class=\"ms-24 w-16 flex-shrink-0 rotate-180\" src=\"https:\/\/theclose.com\/wp-content\/themes\/theclose\/assets\/images\/icons\/chevron-down.svg\" \/><\/div>\n<div id=\"what-are-the-typical-interest-rates-for-hard-money-loans-content\" class=\"close-accordion-content collapsed mb-40\">\n<p>Hard money loan interest rates are usually higher than conventional bank loan interest rates and typically range from 10% to 15% or more, depending upon the lender&#8217;s view of risk, property location, and the borrower&#8217;s financial situation. The higher rates reflect the increased risk that hard money lenders take by focusing on property value over borrower creditworthiness and the speed with which they provide funds.<\/p>\n<\/div>\n<hr class=\"my-0\" \/>\n<div class=\"d-flex justify-content-between align-items-center cursor-pointer pe-24 close-accordion-heading collapsed\">\n<h3 id=\"how-quickly-can-i-receive-funding-from-a-hard-money-loan\" class=\"my-40\">How quickly can I receive funding from a hard money loan?<br \/>\n\t\t\t\t<\/h3>\n<p><img alt=\"expand\/collapse\" class=\"ms-24 w-16 flex-shrink-0 rotate-180\" src=\"https:\/\/theclose.com\/wp-content\/themes\/theclose\/assets\/images\/icons\/chevron-down.svg\" \/><\/div>\n<div id=\"how-quickly-can-i-receive-funding-from-a-hard-money-loan-content\" class=\"close-accordion-content collapsed mb-40\">\n<p>One major advantage associated with hard money loans is that processing is very quick. Usually, the funds are available to the borrower within a week or two of applying. This is possible because the value of property is checked against extensive credit checks with financial documentation, and hence, it can be used best in urgent real estate transactions.<\/p>\n<\/div>\n<hr class=\"my-0\" \/>\n<div class=\"d-flex justify-content-between align-items-center cursor-pointer pe-24 close-accordion-heading collapsed\">\n<h3 id=\"what-are-the-typical-financing-terms-of-a-hard-money-loan\" class=\"my-40\">What are the typical financing terms of a hard money loan?<br \/>\n\t\t\t\t<\/h3>\n<p><img alt=\"expand\/collapse\" class=\"ms-24 w-16 flex-shrink-0 rotate-180\" src=\"https:\/\/theclose.com\/wp-content\/themes\/theclose\/assets\/images\/icons\/chevron-down.svg\" \/><\/div>\n<div id=\"what-are-the-typical-financing-terms-of-a-hard-money-loan-content\" class=\"close-accordion-content collapsed mb-40\">\n<p>Hard money loan terms are much shorter than most bank loans. The average term is usually six months to a few years. This duration is commensurate with common usage for such loans in quick-turnaround investments, such as fix-and-flips. Most hard money loans also have interest-only payments with a balloon payment at the end of the term when the property would presumably be sold or refinanced to more traditional financing.<\/p>\n<\/div>\n<hr class=\"my-0\" \/>\n<h2 class=\"wp-block-heading\" id=\"Your-Take\">Your Take<\/h2>\n<p>Investors should look for the best hard money loans that fit the needs of your project and financial goals. Consider a lender that offers flexible terms of the deal, transparent structures of the fees charged to the investor, and competitive rates of interest. Additionally, the lender should have an impressive, reputable status in the industry, characterized by positive testimonials from clients, with reliable transactions that give value to the money. The right hard money lender will do more than just finance an investment. They will also support the investor\u2019s overall strategy and want to contribute to their success.<\/p>\n<p>The post <a href=\"https:\/\/theclose.com\/best-hard-money-lenders\/\">The Best Hard Money Lenders of 2024 (Interest Rates, Fees &amp; More)<\/a> appeared first on <a href=\"https:\/\/theclose.com\">The Close<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>When traditional bank loans are unavailable for your investment projects, obtaining funds from hard money lenders is a great alternative option. Hard money lenders typically offer short-term loans backed by real estate collateral. These loans are helpful in situations where you need quick funding due to a new investment opportunity, property flip projects, or when [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1028,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[13],"tags":[],"_links":{"self":[{"href":"http:\/\/folster.me\/index.php\/wp-json\/wp\/v2\/posts\/1026"}],"collection":[{"href":"http:\/\/folster.me\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/folster.me\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/folster.me\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/folster.me\/index.php\/wp-json\/wp\/v2\/comments?post=1026"}],"version-history":[{"count":2,"href":"http:\/\/folster.me\/index.php\/wp-json\/wp\/v2\/posts\/1026\/revisions"}],"predecessor-version":[{"id":1041,"href":"http:\/\/folster.me\/index.php\/wp-json\/wp\/v2\/posts\/1026\/revisions\/1041"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/folster.me\/index.php\/wp-json\/wp\/v2\/media\/1028"}],"wp:attachment":[{"href":"http:\/\/folster.me\/index.php\/wp-json\/wp\/v2\/media?parent=1026"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/folster.me\/index.php\/wp-json\/wp\/v2\/categories?post=1026"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/folster.me\/index.php\/wp-json\/wp\/v2\/tags?post=1026"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}