Hard Money Loans

Welcome to Larry the Lender, your trusted source for hard money loans. With years of expertise, we've become a leader in the hard money lending industry, offering tailored solutions to real estate investors. Our commitment to transparent, rapid, and accommodating financing has enabled countless clients to seize opportunities in the competitive real estate market. Let's dive into the details of our unique approach to hard money business loans for real estate.

Comprehensive Guide to Hard Money Loans

Hard money business loans for real estate, often synonymous with hard money bridge loans, are specialized financing options typically used for real estate investments. They differ from traditional loans, focusing on the property’s potential and value rather than conventional credit evaluations. Here’s what you need to know:

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Loan Fees

We’re not just any hard money lender; we strive to offer the best hard money loans that fit your specific needs, featuring transparent and competitive loan fees. Unlike traditional lenders, we embrace opportunities to aid your investment goals through short-term, customized loans.

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Property Criteria

With hard money loans, the property serves as collateral, and our lending covers both commercial and investment properties. We examine the property’s present and after-repair value (ARV) to ensure the loan’s security, facilitating the funding required to fulfill your project.
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Loan Terms

Our hard money loan terms stand out for their flexibility, responding to your unique real estate objectives. Short-term by design, they offer immediate funding to jumpstart your projects, with terms based on your situation, property value, and strategic investment planning.
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Appraisals / Insurance

Accurate property valuations are vital in our hard money lending process, dictating the loanable amount. Rather than requiring a formal appraisal, in most instances, we are able to appraise and evaluate properties in house, saving you the cost of a formal appraisal. Additionally, insurance is mandatory for properties with structures on them, safeguarding both our investment and your property against unforeseen events.
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Borrower Criteria

As experienced hard money lenders, our borrower criteria extend beyond mere credit scores. We evaluate the real estate project’s potential, relying on property equity to secure the loan. Our approach opens doors for many clients, including those who might not qualify with traditional lenders.
Feel free to explore more about our services, as we specialize in bridging financial gaps with our private hard money loans. Whether you’re a seasoned investor or a newcomer in real estate, our expertise in hard money lending is at your service.

Hard Money Loan Rates & Requirements

Loan Programs Type Commercial Loans Residential Loans Land / Lots Loans Fix / Flip Loans
Do We Offer Them? Yes Yes Yes Yes
LTV 70-80% 70-80% 0-50% 70-80%
Minimum Loan Amount $75,000 $75,000 $75,000 $75,000
Maximum Loan Amount $5,000,000 $5,000,000 $5,000,000 $5,000,000
Loan Term Offered 6 or 12 months 6 or 12 months 6 or 12 months 6 or 12 months
Interest Rate Offered 12.99% 12.99% 12.99% 12.99%
Points Charged 2 or 3 based on term 2 or 3 based on term 2 or 3 based on term 2 or 3 based on term
Pre-payment Penalty No No No No
Insurance Requirements Property, Windstorm Property, Windstorm N/A Property, Windstorm
Flood Insurance Requirements For Floodzone Properties For Floodzone Properties N/A For Floodzone Properties
Lending Area Texas Only Texas Only Texas Only Texas Only
Special Requirements Phase 1 - Loans > $1 million N/A Possible Survey N/A

What Are Hard Money Loans?

A hard money loan, often referred to as a “bridge loan,” is a unique form of short-term real estate investment financing provided by private lenders like Larry the Lender. Unlike traditional banks or credit unions, we use our own funds, cutting through the red tape to make the lending process quicker and easier.

The distinguishing factor of a hard money loan compared to traditional financing is our approach to determining loan qualification. Instead of focusing on your credit score, we base the loan amount on the property’s value that you plan to invest in. This focus on property value, rather than conventional credit assessments, allows us to be more flexible and responsive to your needs.

What Properties Qualify for a Hard Money Loan?
Larry the Lender offers hard money loans for various property types, excluding owner-occupied primary residences. Our financing covers commercial properties, rental properties, properties for renovation and resale, and more.

If you need a loan for a property that you currently live in, we don’t provide those loans. However, our team will happily create a loan program that aligns with your specific requirements for all other investment-related properties.

Who Should Consider Applying for a Hard Money Loan?
Hard money loans are ideal for various real estate professionals, including: – House flippers – New or established business owners – Real estate developers – Anyone else in need of short-term financing for properties they don’t currently reside in
What Sorts of Projects Are Hard Money Loans Good for?
Hard money loans are a valuable tool for various real estate investment projects, such as: – Major property renovations for sale or rent – Substantial improvements to commercial properties – Cash-out on investment properties – Other projects involving non-residential properties

Why Choose Larry the Lender for Hard Money Loans?
We’re fast: Our loans often close within a day or two. We lend our own money, make our own decisions, and bypass traditional financial institution hurdles, appraising your property and approving your loan in-house as swiftly as possible.

No upfront or hidden fees
Our transparent approach means you’ll never face unexpected lending costs. We clearly communicate our hard money loan rates, terms, and fees, ensuring you have all the information to make an informed decision about our hard money loans.

Choose Larry the Lender and benefit from our commitment to transparency, speed, and adaptability. With our understanding of the hard money lending process, we’re poised to help you achieve your real estate investment goals. See our reviews and what our clients have to say.

Commercial Hard Money Loans

Commercial hard money real estate loans are a type of non-conforming loan that is secured by a commercial property. These loans are typically provided by private lenders, not traditional financial institutions. They are short-term in nature and are often used when quick financing is required or when a borrower cannot qualify for a conventional loan.

Commercial hard money real estate loans can be used for various purposes, including bridge loans, cross-collateral blanket loans, and construction loans. The loan amount is primarily based on the value of the property being used as collateral rather than the borrower’s creditworthiness.

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Residential Hard Money Loans

Residential hard money real estate loans are a type of short-term loan secured by residential real estate. Like their commercial counterparts, these real estate loans are also provided by private lenders. They’re often used for investment properties, such as fix-and-flips or rental properties.

Residential hard money real estate loans can also be used for land loans, mortgages for fixer-upper properties, and investment property refinance loans. Despite being considered loans of “last resort,” they offer a quick source of funding for real estate investors, particularly those who aim to renovate a property and sell it at a profit.

Benefits of Hard Money Loans

Hard money loans from Larry the Lender offer a host of benefits to real estate investors. First and foremost, they provide quick access to capital, enabling you to take advantage of time-sensitive investment opportunities. Additionally, the flexible terms of our hard money loans allow you to tailor your repayment schedule to suit your project’s timeline and cash flow. Since these loans are secured by the property itself, your credit history is less of a determinant, making hard money loans accessible to a wider range of individuals.

Furthermore, our team of seasoned professionals provides ongoing support throughout the loan process, ensuring you have the resources and guidance necessary to succeed. From helping you understand the ins and outs of hard money lending to assisting you in managing your loan, we’re here to support your success every step of the way.

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Hazard Insurance

Protecting your investment is crucial, which is why hazard insurance is a requirement for any loan on property containing one or more structures. This form of insurance coverage protects the property against various forms of damage, such as fire, storms, and vandalism. By requiring hazard insurance, we help ensure that both your investment and our loan are safeguarded against unforeseen circumstances. In addition, our team can provide guidance on selecting the right insurance policy for your property, ensuring you have the necessary coverage to protect your investment. At Larry the Lender, we understand that securing your investment is just as important as financing it, and we’re here to help you do both.

Real Estate Group Loans

Real estate investment groups often tackle larger projects and require higher loan amounts. Our loan programs are perfectly suited to meet these needs. We offer competitive interest rates on hard money loans with flexible repayment terms and high loan limits to accommodate your group’s specific requirements.

Our team understands the unique dynamics of real estate investment groups and will work closely with you to facilitate a smooth lending process. With our comprehensive loan solutions, your group can confidently tackle larger projects and generate substantial returns.

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Loan Application

Applying for a hard money loan with us is straightforward and efficient. Our online, two-page, easy to complete loan application requires a minimum of information to get your loan started. Our team works diligently to process applications quickly, allowing you to access the funding you need without unnecessary delays.

With our transparent application process, you’ll always know where you stand and what the next steps are. We understand that in the world of real estate investing, timing is everything. That’s why we strive to provide quick, efficient service that gets you the funds you need when you need them.

Title Companies

We work closely with reputable title companies to ensure a smooth loan process. These companies conduct thorough title searches to confirm ownership of the property and identify any potential issues. This due diligence is crucial in protecting your investment and ensuring the loan process goes smoothly. With our network of trusted title companies, you can rest assured that your investment is secure and your loan is in good hands.

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Hard Money FAQ

What is a hard money loan?
A hard money loan is a short-term, non-conforming loan that is secured by real property. These loans are often used for commercial or investment properties and are typically offered by nontraditional institutions like private money lenders rather than traditional banks.
How do hard money loans work?

An example of a hard money loan could be when an entrepreneur wants to purchase a fixer-upper for $75,000. The renovation costs are estimated at $30,000, and it’s projected that the rehabbed property can be sold for $180,000. In this case, the hard money lender might lend 70% of the home’s projected value after repairs.

Why would someone get a hard money loan?
Hard money loans can be useful for entrepreneurs purchasing a unique property that doesn’t qualify for conventional financing or for those who find traditional commercial loan limits insufficient for their needs. They are also beneficial for real estate investors needing quick funding.
What credit score is needed for a hard money loan?
The credit score requirement for a hard money loan can vary widely as these loans are primarily asset-based. The focus is more on the potential of the real estate project and the equity in the property, rather than the borrower’s credit score.
Do hard money loans show up on credit reports?
Yes, hard money loans can show up on a credit report. However, because many hard money lenders are private entities, they might not always report to the credit bureaus. If they do report and you make your payments on time, a hard money loan could potentially help improve your credit. – What is another name for hard money loans? Hard money loans are also commonly referred to as bridge loans, due to their short-term nature and use in bridging gaps in financing for real estate transactions.
What is another name for hard money loans?
Hard money loans are also commonly referred to as bridge loans, due to their short-term nature and use in bridging gaps in financing for real estate transactions.

Hard Money Lending Resources

Welcome to Larry the Lender, your trusted source for hard money loans. With years of expertise, we've become a leader in the hard money lending industry, offering tailored solutions to real estate investors. Our commitment to transparent, rapid, and accommodating financing has enabled countless clients to seize opportunities in the competitive real estate market. Let's dive into the details of our unique approach to hard money loans

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