A hard money lender offers investment finance loans that do not require a higher down payment. The average interest rate is around 6.99%. Hard money lenders prefer individual investors such as entrepreneurs or landlords who are looking for real property at competitive interest rates rapidly in short-term loan options.

Conventional financing such as a traditional mortgage from a traditional lender is normally a very slow process. Loans typically have upfront fees, require higher credit scores, have a capped loan amount, and demand a repayment schedule of monthly payments, based on an analysis of the borrower’s finances.

When it comes to hard money borrowers, hard money lenders only require minimal information on your personal financial situation, and the process is super quick. The entire process can be completed in a matter of days. This is lightning quick when compared to traditional mortgages which normally take well over a month to process.

We will work with you to try and make the impossible possible, whatever that may be. Some of the key criteria of our hard money loans include:

Here at Lightspeed Lending, we are passionate about taking the stress out of hard money loans. If you want to find out more about how we can help you, then give us a call.

In most circumstances, getting a hard money loan is a lot easier than traditional financing. To apply for hard money loans, make sure that you have already found the property you want to purchase, renovate or flip.

It is critical to have collateral, and the lower the LTV (loan-to-value) is, the better the rate offered will be, and the likelihood of being accepted by the lender increases significantly. The higher the collateral the better the loan rate becomes.

The next step is to find a hard money lender; contact a verified lender such as Lightspeed Lending.

On application you will need to provide:

• What is the address of the property?
• What is the agreed purchase price of the property?

If applicable you may need to provide:

• What are the estimated construction costs?
• What is the expected value of the property after construction work is completed (ARV)?
• What is the repair costs value?

The loan provider will validate the request and then, if successful, the lender will make an offer to the client.

The more experience you have with hard money loans the more likely you will be successful in the application; however, everyone has to start somewhere, and often a hard money loan is an easier and quicker option than a traditional mortgage.

Hard money loans are not available from the same places you procure traditional loans; instead, you require a direct hard money lender. Hard money lenders can be individual private investors or small businesses like Lightspeed Lending.

It is important to take your time to research the best provider to make your hard money loan successful. Each provider will have different qualifying criteria and different terms and conditions for their loan product.

Conduct research on the various vendors to learn what the minimum credit score requirements are, what the minimum and maximum property values are, and what level of loan to value (LTV) is available.

While hard money loans present an attractive solution for securing finance for your purchase, there are different options available that you may consider:

• Unsecured lending: borrowing money on credit cards, a personal loan, or bank overdraft is a possibility. These types of unsecured borrowing for personal finance are usually provided by banks or financial businesses and often rely on the borrower’s credit rating, but the rate is often capped and demands higher interest-only/high-interest rates over a very short period.
• Refinancing: refinancing any existing investment property or opting for home equity loans might release equity to be used in a future purchase. However, this approach can incur expensive additional fees, including solicitor expenses, valuation fees, and arrangement fees.

Whatever option you choose it is important to consider the total cost of your finance solution in addition to the loan value before you commit to it.

To compete in the current seller’s market, speed is essential. Lightspeed Lending offers quick and efficient access to the capital needed. By working with us, you can bypass broker fees, as we process, underwrite, and close all of our loans in-house.

We also strive to establish a lasting relationship with all of our clients, so that any future funding processes can be handled even more efficiently!

Many lenders will offer hard money loans to refinance various solutions for the client, so how do you choose the right lender for you? While interest rates are important, that is not the only consideration.

At Lightspeed Lending we are famous for our excellent customer experience, our efficiency, and unparalleled customer support, we will be there for you when you need us. Unlike other lenders, at Lightspeed Lending we don’t adhere to strict office hours instead, we tailor our customer service to meet the demands of our individual clients. With efficiency being such an important part of the service that we offer here at Lightspeed Lending, we are always available at the end of the phone.