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Top 9 Best Hard Money Lenders in Illinois
A quality private money or hard money lender understands that every client is unique and timing is everything, especially when it comes to investment properties. In Juniper Capital, you have a true professional private money lender for commercial and multi-family real estate investments. We serve Spokane and North Idaho with pride. Top 5 hard money lenders As a hard money loan, the value of the property secures the loan. That means if the borrower defaults on the loan, such as stops making payments, the lender is then able to force the sale of the property through the foreclosure process, allowing them to recoup some of the money they put into the loan. Because there is this type of security in place, these lenders are more willing to offer loans to these harder to finance projects, which makes it easier for borrowers to obtain the loan. Interest rates on these loans are often higher than your average home loan.
Hard money lenders for first time investors
Because a hard money loan is considered a commercial loan, a hard money lender will not lend to individuals, and will only lend to LLCs. But don’t worry if you don’t have an LLC, they are very easy to create and can have only one member (you). Create a BiggerPockets Company Profile First, a hard money loan is ideal for a buyer who wants to fix and flip an undervalued property within a relatively short period of time. A hard money loan enables such a borrower to obtain the property without going through all the hassles of a conventional loan – and to obtain that loan relatively quickly. Instead of the normal 2-3 months to close a traditional mortgage, a hard money loan can typically be closed within a matter of a couple of weeks or less. 
Stay Informed About Private Lending
Real estate investors feel free to reach out to us and see why we are considered to be one of the best hard money lenders Nationwide! We pride ourselves in offering a simple, fast, and transparent private money loan for your real estate investment needs. Avoid the red tape that goes along with bank financing and the time it takes to close traditional loan structures and look into a hard money loan with Tidal Loans. FAQs – Hard Money Loans A hard money loan is a collateral-oriented loan secured against real estate. Hard money lenders typically focus less on the borrower than conventional mortgage lenders, and more on the property and the quality of the deal itself. Instead of lending 90% to 95% of the value of the property like conventional mortgage lenders, hard money lenders typically allow a 60% to 80% loan-to-value ratio (LTV).
Top 10 hard money lenders
Many lenders use a soft credit pull to give you estimated interest rates and loan terms that are available to you based on your credit, income and other factors. If you decide to move forward with the loan, the lender will do a hard credit inquiry. Too many hard inquiries in a given period could hurt your credit score; a soft credit pull won’t. Hard Money vs. Soft Money Hard money loans offer convenience, quick turn-around, flexible terms, and the ability to use your property as collateral. Also, lenders don't base loan amounts on your creditworthiness like mainstream financial institutions.
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