Hard money
Find top hard money lenders in Hawaii
LendingOne, LLC
10 reviews
10 reviews
LendingOne, LLC
Lending One is one of the largest direct private lenders in the country. Call (866)-724-7555 for a no-obligation quote. We offer Fix/Flip, Rental, Multi-family and New Construction loans. We lend in 45 states and help investors from small to large (loans from $75,000 - $30,000,000). You can search BiggerPockets to see why customers love working with us! Low rates, fast closings, and great service. - Fix/Flip Loans - Rental Loans - 30 Year Fixed Rate Up to 75% LTV (Single Property & Portfolios) - New Contruction Not a broker nor a bank, but a fully funded lending partner that can close consistently and help you grow your business. LendingOne uses our own capital, an easy online application, and our extensive real estate experience to provide quick and reliable funding for our clients. Our experienced management team truly understands the real estate business and has taken an investor-friendly approach to the lending business. We are self-funded, allowing us to move quickly and finance your project using 100% of our own capital. With our proprietary technology, we have streamlined the real estate lending process. At the click of a button you can be pre-qualified for our competitive rates. Pre-Qualify online 24 hours a day, seven days a week and we will get you to the closing table in as little as ten days. https://app.lendingone.com/ - 2 Minute online quote Call (866)-724-7555
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Housemax Funding (Nationwide)
4 reviews
4 reviews
Housemax Funding (Nationwide)
We are Real Estate Experts. Having worked in all facets of the real estate industry, from operating a brokerage to wholesaling to mortgage origination, we understand the challenges faced by builders, re-modelers, and house flippers. Money is the life blood of the business, and when you need it, you need it now. That’s why we customize financing and hard money loans to the borrower’s unique situation. Our goal is to build long term relationships, so we align ourselves with your interests, not the bank backing the loan. We’re a Texas business with Texas ethics and we’re ready to lend you the money you need! We operate as follows: -National Lender -Minimum Loan Amount 50,000 -We will loan up to 75% of the ARV depending on credit score* -Interest bearing payments only starting at 7.99%-9.99%* - 1-4 points of origination* - The borrower must put down 15%, and we will loan up to 85% of the purchase price, and 100% of the renovation budget, assuming the combined total does not exceed 75% of ARV Borrower Requirements: -15-20% available down payment -A percentage of the rehab budget must be proved to be available (paid in draws) -The 1st 3 months' payments total must also be exhibited as cash on hand -We charge interest-only on the loan (1-year term) -We charge points at closing (1-4 points) - this means 1-4% of the loan amount will be charged as a cost to buyer at closing. -You pay the BPO / appraisal ($695 depending upon which we order, if it’s a rush appraisal $795) & $795 doc prep fee (a third party cost we pass along) That's it. NO JUNK FEES, admin fees or otherwise fees. -We also offer a cash out refinance or rate and term refinance for a 30 year fixed rate mortgage. If borrowers credit exceeds 680 we can loan 75% of as-is value. -The percentages of LTV get smaller as credit decreases. Minimum loan amount 50k Website: www.housemaxfundingloans.com For the best rates please use the link below for our loan application!
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What Is A Hard Money Lender?

A hard money loan is an asset-based loan. One of the biggest factors affecting the approval of a traditional loan is your credit history and income. Lenders want a candidate that possesses a reputable re-payment history because this demonstrates the consumer’s ability to repay loans.

However, a great credit score and a lot of income is not always guaranteed an approval and the overall process can sometimes take a long time. Hard money lenders utilize a different approach by lending funds based on collateral and therefore, the lender places less emphasis on credit history. Hard money loans are not for everyone, but there are several situations where these loans make sense.

Strategies Using Hard Money

There are different instances when a real estate investor will be more likely to use a hard money loan versus a traditional loan. Real estate investors might find themselves using a hard money loan in the following instances.

Fix & Flip
One of the most important things to understand when considering hard money is that each lender considers things differently than the next lender. Each lender is going to have his/her own criteria but most of them will base their loan off of a percentage of the after repair value or AVR. The following could also be considered when looking at a hard money loan:

  • Independent appraisers AVR
  • In-house AVR
  • Percentage of total costs
  • Percentage of the purchase price of the property
All lenders are different so be prepared for the hard money lender to consider any combination of the above before settling on the loan.
If you are a real estate investor looking to execute the BRRRR strategy then the first thing you are going to want to do is secure a lender. One of the biggest mistakes that real estate investors make in the BRRRR strategy is only looking for a lender right when they need one. The best thing that you can do for yourself is to begin searching for, vetting and building a relationship with a lender as early in the process as possible. Meeting with lenders earlier will highlight any issues you might have with credit or income that you might need to get fixed before you really need the money for repairs. Getting this handled early will save you a big headache in the future.
Short Term Financing
A short term loan is the traditional loan when a real estate investor is fix and flipping a property. With this type of loan you will typically only have 2-3 months to rehab and then resell your property for a profit. Short term financing is a good idea for properties that have a lower volume of fixes and repairs before putting the property back up for sale. Due to the short time period before the loan expires, you don’t want to get caught up with too many long term projects and have time run out. This would be homes that only need cosmetic repairs, upgraded appliances or minor repair work.

Questions To Ask A Hard Money Lender

Based on the best practice of reaching out to multiple lenders, you will want to make sure you have a proper list of questions available to you to vet out which lender is best for you. Here are some questions that you should ask a potential lender:

  • Are you the actual lender or just a broker?
  • Do you check personal credit? What score are you looking for?
  • What project details and documents do you need to make a quote?
  • How long will it take to get a quote?
  • Where does your money come from? Is this money in your control or do you receive it from a third party?
  • What happens if my loan needs to be extended?
  • How do you handle interest? Is it upfront, monthly or at the end?

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