Updated over 8 years ago on . Most recent reply
Hard money loans........
I live in Kentucky, there aren't many hard money lenders located in my state. I was wondering if I could get a hard money loan from a lender that's not based in Kentucky and if I can, what are some of the pros and cons of out of state hard money loans, if any.
Most Popular Reply
Hello @Ryan Lawson!
Lenders will lend in states where they are approved to lend - this means a company in Maryland may be approved to lend throughout the US, or only a few states.
The reason lenders may not work in all states is due to licensing. However, some lenders may be able to do business on a case-by-case business in states they are not "approved" to lend in.
KY has limiting factors for lenders, which is why there may not be as many as states like PA or NJ.
BiggerPockets has a Hard Money Lender section in the Marketplace which will help guide you to some HMLs. Good luck!
- Kerry Boyle