Updated over 5 years ago on . Most recent reply
Hard Money Lending Requirements
What are the typical requirements that a hard money lender asks for? Outside of 10-15% toward purchase price, do they look for people with a certain amount of flips already under their belt?
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My experience with Hard Money Lenders uncovered some surprise requirements. If you don't have an LLC, you need one. The Frank Dodd Act prevents Hard Money Lenders from lending to people, and requires they lend to businesses.
Other than that, you should be able to find a hard money lender willing to lend to you at a reasonable rate. They'll likely underwrite the property to assess risk, and if they believe they can get their money back, you shouldn't have issues. There's even a Hard Money Lender in Omaha that I know of who will loan 100% plus rehab costs, so if you find a true deal, the money is out there.