In case you want to fund a repair, investment costs and down payment, a hard money type of loan is the best financial option. Finding Hard money lenders with no money down is a challenge for most of us but they are there.
The best thing about investing in real estate is that it doesn’t require that you be from a wealthy background in order for you to invest. With hard loans, within some weeks or rather a day you can always start investing.
In case you come to work with the hard money loan lenders, this allows you to be able to skip major financial firms or banks as the lenders providing you with the hard money type of loan now act as private lenders that possess the ability to acquire and offer eligibility requirements and the flexible terms.
What Does a Hard Money Type of Loan Mean?
The hard money loan refers to loans offered for a short term of which may be one year or less, and where the loan amount is entirely based on property value and also the collateral property.
Lenders that offer hard money loans are not that concerned with the credit details of the borrower or the short sales or rather any other past foreclosures. If the value and the deal of the property seem good, the lenders will give you their funds especially if you are lucky enough to find Hard money lenders with no money down.
The hard money lenders as well known charge interest rates that are higher, points, and fees because the risk accumulated is high. Your rates especially will increase in a case where the lender offers you a loan with no money down.
With there being no loans for money down, you should expect interest rates that are higher and a little more income search and also the credit history. Down below we have listed some of the hard money lenders with no money down. They are as follows.
1.Ideal capital and money solutions
This lending firm works with small scale and large scale investors that are searching for flip and fix loans, transactional funding, construction loans, or refinancing options. Funding projects has a case to case basis which caters to every person’s situation, the firm offers full financing options in case you meet requirements.
For families and properties that are not owned, the firm will ensure they have loaned you with 100% financing strategies of the price they used to purchase including the soft costs and the improvement costs, depending on the fact that all the costs fall below 70% of the completed value of the aspired project.
Depending on the location you are at, you may be required to keep the costs below 65% of ARV, which means after repair term or value. Loan terms cover a duration of half a year, close to a year with the rates and the cross-collateralization allowed in order to leverage the property.
2. American money source
This lending firm offers various loan options of which require that you don’t pay a down payment of which includes their sure flip and fix program of which funds all the property bought and also covers all of the rehab costs close to or at 65%of ARV.
Rates begin from 11.99% with a year term where you are supposed to pay the interest only. They are a good example of hard money lenders with no money down.
The sure flip and fix program is offered in some locations plus you have to meet eligibility requirements of which includes a 620 or more as the credit score, good mortgage history, well-documented income, liquid assets at the bank, no case of bankruptcy in three years, be a legal resident of the US and the primary residence you stay at must not be more than 60 miles away from the property being invested.
3. Freeland Lending
In case you want to flip and fix only, this lending firm is the best option that you should consider. They offer the flip and fix loan that has a duration of half a year to a year funding all the rehab expenses and the property purchased.
With loans ranging from fifty thousand to three hundred and fifty thousand dollars payment is done in interest-only, down payment and the minimum score on the credit score is not considered in this case. Before you are cleared and approved, the property in place will have to be totally appraised and your income and your assets will be looked at.
4. Arch bridge
Boasting more than three million dollars in residential and commercial loans, this lending firm offers the investors with capital for the properties in place, condos, and commercial options close to 2.5 million dollars.
The firm is found in Colorado, California, Nevada, Arizona, Oregon, Utah, and Washington. In case you happen to live in one of the mentioned states above you can have the ability to fully take the option of high leverage whereby this firm will fund all of the prices for purchase with the rates between 12 and 16% covering a duration of half a year.
5. Do hard money
This is one of the most known Hard money lenders with no money down. It is highly effective for the newbies in real estate or rather seasoned investors. The firm offers loans with full financing on flip and fix loans, refinance loans, and hard loans for bad credit.
Depending on the type of project, the fi will provide the funds to mark the complete purchase price, interest, points, rehab, and closing costs.
You could also read about hard money lenders for primary residence.
Partner With Experienced Real Estate Investors and Agents
In case you want to flip or fix your property, or rather you are constructing your investment in real estate you would want to use the help of a real estate investor or agent who is experienced in his field and can take you through the process of finding your right property and securing the best and right funding.
Hard money lenders with no money down are also a huge factor in investing in real estate as discussed above.
