Need Money for New Construction?
Consider a Hard Money Loan
When it comes to working in the construction or real estate business, you know that when prime property becomes available in a hot real estate market, you have to jump on the opportunity quickly, before you miss out.
Unfortunately, with the traditional loan process, this often means that there are reams of paperwork to fill out, and by the time the process is started, you could already be too late. We close faster than banks issue a letter of intent.
Hard money construction loans present an attractive alternative. Not only can you renovate and flip or build a new home, but you can get approved quickly and get funding -- cash in hand, in days, not weeks or months. Learn more about this innovative option in alternative financing and the many benefits that hard money loans can bring.
Low Credit Score? No Problem!
A great reason to consider a hard money loan for new construction is because credit scores don’t have nearly the weight on your loan approval as they do with traditional loans. As long as you have a credit score of 600 or better, you can be assured of the best possible deal on your new construction hard money loan.
Plus, unlike at banks or credit unions, who tend to treat you like a number, hard money lenders take the time to get to know you and your specific needs as well as your real estate or construction goals. We can also be a huge resource for your next project.
With hard money lending, also known as private money lending, your opportunity is looked at based on its own merits. Interest rates are highly competitive and you can get as much as a 100% advance rate on construction as well as 80% of the value of the land as an advance rate on your purchase. Try finding a bank to do that! They’d laugh you right out of the door!
A Hard Money Construction Loan Ensures You Won’t Be Left Behind
Let’s face it, the most lucrative deals and opportunities won’t be around forever. Banks love to scrutinize every detail of your application, including looking at your credit score from every possible angle.
With hard money loans, lenders understand that deals move quickly.
That’s why you can get approved in as little as 48 hours. Most hard money loans can take around 10-15 days to be fully funded.
As you can see, hard money loans for construction or fix and flip properties are much easier to work with than the traditional process through your local bank or credit union. The process is a bit different than taking out a traditional new construction loan, however, our hard money experts would be glad to answer all of your questions and help you better understand your options, as well as explain the many benefits of a hard money loan for new construction projects.
Experienced contractors are welcome to call us and discover how competitive private money loans can be. Interest rates can range from 8% -12% while loan amounts can go as high as $25,000,000. To learn more, call us today and let us answer all your questions about hard money lending for construction loans!