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Best Hard Money Lenders 2017: LendingHome vs, money lenders.#Money #lenders


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Best Hard Money Lenders 2017: LendingHome vs. Patch of Land vs. Lima One Capital

Hard money lenders offer short-term loans to quickly facilitate the purchase and renovation of residential and commercial properties. With more than 600 hard money lenders in the U.S., it’s hard to find a reputable lender that’s right for you. To help, we looked at a range of hard money lenders and found that LendingHome, Patch of Land, and Lima One Capital offer the best mix of options for hard money loans.

Best Hard Money Lender 2017: LendingHome

LendingHome is our top pick because they offer loan amounts up to 90% loan-to-value (LTV), up to 75% after-repair-value (ARV), and have interest rates starting as low as 7.5%. Further, LendingHome charges only a small amount of lending fees (between 1.5% 2.5%), and they conduct their own appraisals at no additional cost to the borrower. These terms make them a good option for small businesses.

Hard Money Lenders Comparison Table: LendingHome vs. Patch of Land vs. Lima One

*Last Updated: November, 2017

Best Hard Money Lender 2017: LendingHome

LendingHome is a national hard money lender that finances residential real estate such as single-family homes, multi-unit properties, apartments, and condos. We chose them as the best hard money lender because they offer comparatively high maximum loan amounts and offer comparatively low interest rates and lender fees.

LendingHome can finance residential properties in both good and poor conditions. For a property in good condition, LendingHome issues a loan up to 90% of its loan-to-value (LTV) ratio, which is equal to 90% of its purchase price. This represents the highest LTV on our list.

For a property in poor condition, LendingHome issues a loan up to 75% of its after-repair-value (ARV) ratio, which is equal to 75% of the expected fair market value (FMV) of the property after renovations. This represents the highest ARV on our list.

For both LTV and ARV, LendingHome offers low interest rates starting at 7.5%, which is low compared to industry averages. However, it’s not uncommon to receive an interest rate between 9% 12%. LendingHome also charges lender fees between 1.5% 2.5%, which is the least expensive option when compared to Patch of Land, tied with Lima One.

However, the downside to LendingHome is that they only finance short-term residential real estate. If you’re looking for more permanent residential loan options then Lima One Capital is right for you. If you’re looking to finance commercial spaces, it’s best to look at Patch of Land, which issues hard money loans for both residential and commercial real estate properties.

Hard Money Lender with Fastest Funding: Patch of Land

Patch of Land is a national hard money lender that finances both residential and commercial real estate. The lender issues loans on single-family homes, multi-unit properties, apartments, and condos, as well as mixed use buildings, offices, and shopping centers. Patch of Land is our top pick for those in need of the quickest financing.

This is because Patch of Land, similar to both LendingHome and Lima One Capital, offers prequalification that takes only a few minutes. However, while LendingHome and Lima One rely on crowdfunding to finance their loans, Patch of Land prefunds their loans, speeding up the crowdfunding process.

It can take a borrower as little as 5 days to receive the funds from a hard money loan with Patch of Land, and the average time to funding is 7 days. This is in contrast to LendingHome and Lima One Capital, both of which take around 10 15 days to finance an approved loan.

Even though the time to funding is the best, it should be noted that Patch of Land requires more up-front information during prequalification. It’s best to already have all the necessary documents prior to applying, which we talk about more in-depth below. Further, Patch of Land offers a lower residential LTV ratio, ARV ratio, and a higher interest rate and fees when compared to LendingHome.

Best Hard Money Lender with Permanent Loan Options: Lima One Capital

Lima One Capital is a national hard money lender that finances both short-term and permanent residential real estate projects. The lender offers short-term fix-and-flip and bridge loans for single-family homes, multi-unit properties, apartments, and condos. They’re also the only hard money lender on our list that also offers a 30-year mortgage for rental properties.

Their permanent mortgage can be used for a single, non-owner occupied rental property as well as for a portfolio of single family rental units. The permanent rental mortgage can have both a 30-year fixed or variable interest rate that starts as low as 4.99% for variable rates and 6.99% for fixed rates. The loan rental loan can range from $50k $5mm+, have an LTV of 75%, and don’t finance repairs.

This is the only permanent loan option on our list of the best hard money lenders. However, Lima One Capital also offers short-term fix and flip loans for multi-unit properties between 1 4 units as well as apartments of 5+ residential units. Their fix and flip options include loans for 90% of purchase plus rehab costs, 70% of the expected loan-to-value, as well as construction financing and cash out refinances.

Overall, Lima One Capital offers the most loan options out of the three lenders on our list. Specifically the lender can originate the following types of short-term and permanent mortgages:

  • Fix and flip loans (rehab, cash out refinance, construction)
  • Multifamily loans
  • Rental bridge loans
  • Permanent rental loan (single-family, portfolio)

By comparison, LendingHome doesn’t originate permanent rental loans and instead focuses on fix-and-flip loans based on LTV or ARV. Patch of Land also doesn’t offer permanent loan options. However, Patch of Land is the only lender on our list that originates hard money commercial loans.

In-Depth Review of Hard Money Lenders: LendingHome vs. Patch of Land vs. Lima One Capital

Types of Properties

Hard money lenders may fund both residential real estate and commercial real estate, or they may stick to just one or the other. Hard money lenders that finance residential properties typically fund single-family homes, multi-unit buildings, apartments, and condos.

Hard money lenders that finance commercial properties typically fund mixed use buildings, offices, and shopping centers. These loans are often used to finance rehab projects or when flipping houses. Let’s take a deep dive into the types of properties that each of our top hard money lenders finance.

LendingHome

LendingHome offers hard money loans on residential properties only. Specifically, the hard money lender funds:


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Shorttermsloans.com is not a lender outside of Fast money loansand does not provide short-term loans for non- Fast money loansresidents, but refers consumers to lenders who may provide such loans. Shorttermloans.com is unable to supply you with an exact APR (Annual Percentage Rate) that you will be charged if you are approved for a loan. APR’s vary according to the information supplied by you in your loan request and the lender who accepts your request. You will be given the APR, loan fees, and other terms by your lender when you are redirected to your loan agreement in the loan request process.

The APR on a short term loan can range from 200% to 2,290% depending on how the APR is calculated (nominal vs. effective), the duration of the loan, loan fees incurred, late payment fees, non-payment fees, loan renewal actions, and other factors. Keep in mind that the APR range is not your finance charge and your finance charge will be disclosed later on in the loan request process.

Implications of Non-Payment and other Considerations

We would like to remind you that Shorttermloans.com is not a lender outside of Fast money loans and does not charge any fees for its referral services. Every lender in our network provides the consumer with specific terms, conditions, and practices prior to the consumer’s acceptance of the loan. We recommend that you carefully review the terms and conditions of any loan offer presented to you.

When you accept the terms and conditions for a loan offer, you are agreeing to pay back the loan principal and finance charges in the amount of time shown in the documents supplied by your lender. Additional fees or charges by your lender may apply in the event that you are unable to repay your loan in full or if you make a late payment. Shorttermloans.com cannot predict the amount of the fees or charges that you will incur as a result of non-payment, late payment, or partial payment. Shorttermloans.com has no control or knowledge of the loan details between you and your lender. Please refer to the late payment, partial payment, and non-payment policies detailed in the loan documents provided by your lender. We only work with reputable lenders who are dedicated to pursuing collections of past due accounts in a fair and reasonable manner.

Fees and Interest

If approved for a loan, your lender will present you with the exact fees and interest rate of your loan prior to your acceptance of the loan. Shorttermloans.com is not a lender outside the state of Fast money loansand cannot predict the exact fees and interest of the loan option presented to you. You are under no obligation to accept the terms presented to you by the lender.

Credit Score Impact

Shorttermloans.com does not make credit decisions nor do we conduct a credit inquiry on consumers seeking loans outside the State of Fast money loans. However, the lenders we refer non- Fast money loansconsumers to may conduct a non-traditional credit check in order to determine your eligibility for a loan. Lenders may conduct a credit inquiry with the three major credit bureaus: Transunion, Experian, or Equifax. Ultimately, your credit score may be affected by the actions of a particular lender. If you do not repay your loan on time your lender may report this delinquency to one or more credit bureaus, which could have a negative impact on your credit score. We encourage consumers with credit problems to consult a credit counseling company.

Loan renewal policies are largely governed by state regulatory legislation. The loan renewal options will be presented to you by your lender prior to your acceptance of the loan. Please make sure to diligently read the renewal policy presented to you prior to signing the loan documents. Short term loans are intended to be a short term financial instrument. We encourage all consumers to repay the loan on time and in full in order to avoid late payment and/or non-payment fees. If you suspect that you may be unable to pay off a Cash Advance loan, we would recommend that you explore loan alternatives before applying for a short term or cash advance loan.

Except for loans we fund in Fast money loans, we do not engage in debt collection practices. Your lendersпїЅ collection practices will be disclosed to you in the loan documents provided to you by the lender. If you are unsure of the collection practices used by a specific lender, we recommend that you discuss this issue with your lender directly. We make reasonable efforts to only work with established, reputable lenders who pursue collections of past due accounts with fair conduct.

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Professional Advice Recommended: The loans provided by the participating lenders in our network are short term loans, which are designed to provide cash to you to be repaid within a short amount of time. These types of loans are not a solution for consumers facing long term debt and credit difficulties, and should not be used on a long-term basis. We recommended that you seek professional advice regarding your financial needs, including risks and alternatives to short term loans.

Disclaimer: We are a referral service to qualified participating lenders. We are not a lender loan broker or agent for any lender or loan broker outside of the State of Fast money loans. This service does not constitute an offer or solicitation for loan products which are prohibited by any state law. This service and offer are void where prohibited. This is not a solicitation for a particular loan. We do not control and are not responsible for the actions of any lender. We do not endorse or charge you for any service or product. You are under no obligation to use our Service to initiate contact with a lender, nor apply for credit or any loan product with any service provider or lender. You are under no obligation to accept any loan from a participating lender.

Credit Implications: We and our participating lenders may verify your social security number, driver license number, national ID, or any other state or federal identifications and review your information against national databases to include but not limited to Equifax, Transunion, and to determine credit worthiness, credit standing and/or credit capacity. However, credit checks or consumer reports through alternative providers such as Teletrack or DP Bureau, which typically will not affect your credit score, may be obtained by some service providers or lenders, in certain circumstances. By submitting your application and information on this website, you agree to allow any and all participating lenders to verify your information and check your credit.

Guarantee: There is no guarantee that you will be accepted by one of our participating lenders. A lenderпїЅs cash transfer times may vary between lenders and may depend on your individual financial institution. Repayment terms vary by lenders and are regulated by state and local laws. In some circumstances, the lender may require a fax. For details, questions or concerns regarding your loan, please contact your lender directly.


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    How to Get a Hard Money Loan Approval

    Hard money loans are generally lent to borrowers to finance real estate investment opportunities or other collateral backed loans; they are funded by private investors as opposed to banks. A hard money loan might be an appropriate option if you do not have a high enough credit score to secure a loan from a bank. They are generally used as “bridge” loans between construction financing and long term loans; hard money loans are often used for construction because longterm lenders may want finished and leased projects. Be aware that hard money lenders are not regulated by the Federal Reserve or the Office of Thrift Supervision. Therefore, the application process can be very different from a traditional loan from a bank.

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