Socotra Capital is a private money lender providing residential rehab loans on residential and commercial properties nationwide since 2008.
Full Answer
Why choose rehab Financial Group?
The HardMoney Company provides direct rehab loans for investors for their real estate projects and guarantees a quick approval process. We also offer flexible financing options that are available through banks. As a direct rehab lender, we understand how important it is to move quickly when home rehab opportunities come up. Apply Now!
What kind of hard money loans do we offer?
Hard Money vs Private Money Rehab Loans. When looking at hard money vs private money rehab loans, it’s most important to note that, as a private lender, Rehab Financial deals with people who have credit, which means that they should have no trouble getting out of the loan from their bank when the rehab is finished.
What are the best hard money lenders for property projects?
Jun 24, 2020 · A commercial hard money loan will often have an origination fee, which is a percentage of the total loan amount. Hard money financing also comes with closing fees, just like any other real estate loan. This can include appraisal fees, title fees, and insurance fees. Some hard money loans come with a prepayment penalty.
Do hard money lenders only finance repairs?
Mar 31, 2022 · Best Egg offers personal loans starting at $2,000 that can be used to cover medical bills, home remodeling and a variety of other expenses. Cross River Bank in New Jersey issues Best Egg loans ...
What is the cheapest way to borrow money for home improvements?
7 best ways to finance home improvementsSave. The safest financial option to pay for your home renovation is to save a chunk of money for your project. ... Home remodel or home repair loan. ... Home equity line of credit (HELOC) ... Home equity loan. ... Cash-out refinance. ... Credit cards. ... Government loans.Sep 28, 2021
What is the best way to borrow money for renovations?
This allows you to adjust your plans without renegotiating your finances or reapplying for new funds.Savings or a credit card. ... Personal loan. ... Personal line of credit. ... Secured line of credit and home equity loan. ... Mortgage refinancing. ... Financing upon home purchase. ... Grant and rebate options for energy efficiency.
Which bank is best for renovation loan?
Best for excellent-credit borrowers: Discover. Best for existing bank customers: Wells Fargo. Best for fast approval: Rocket Loans. Best for secured loans: OneMain....Best Home Improvement Loans.LenderSoFi Get rate on SoFi's websiteMin. credit score680Loan amount$5,000-$100,000Min. credit score680Learn moreGet rate on SoFi's website8 more columns•Apr 1, 2022
What is purchase plus improvements mortgage?
What is a Purchase Plus Improvements mortgage? This program allows you to borrow the cost of renovations (up to a certain percentage) and add it to the home price, rolling it all into one easy-to-manage mortgage payment. Once you take possession of your new home, you can start the upgrades immediately.
How can I raise money for home improvements?
5 Ways to Raise Money for Home ImprovementsUse Your Cash. The easiest way to fund your home improvements. ... Use a Credit Card. If you only need a small amount, applying for a credit card could be a great way to fund your renovation project. ... Get an Unsecured Loan. ... Get a Secured Loan. ... Remortgaging for Home Improvements.Mar 18, 2019
What is a home improvement loan called?
An FHA 203(k) loan simplifies the home renovation process by allowing you to borrow money for your home purchase and home renovation costs using only one loan.
Can renovation loan pay by CPF?
According to this cost guide from Qanvast, the average spending on renovations for a new BTO flat $44,000 and $67,000 for HDB resale flat. This is a substantial sum, and unlike the down payment for your home, you cannot use your CPF for your renovations.Nov 23, 2018
Is LightStream finance legit?
Is LightStream legit? LightStream is a reputable online lender that offers competitive interest rates and an easy application process. While it doesn't disclose credit requirements, many employed borrowers with good credit scores have a chance of approval.
Get Easy Funding and Quality Rehab Hard Money Loans from PB Financial Group
Real estate investors generally look for rehab hard money loans when they want to purchase a distressed property, an added value opportunity, or when they want to pull out cash to rehab a property they own currently.
Why Choose a Rehab Hard Money Loan?
Real estate markets throughout the United States continue to present interesting developments, which provide ideal opportunities for professionals specializing in rehab properties.
The Perfect Financing Solution
PB Financing Group has made real estate investments in rehab properties in California easy and accessible for real estate investors. We specialize in the Californian real estate markets and offer investors with the funds they need for purchasing and remodeling a property.
Residential rehab loans offer funding to real estate investors who are purchasing and improving residential real estate
When it comes to residential rehab, cash and speed are crucial. Real estate investors need the financial resources necessary to execute their plan and make attractive offers that promise quick closes. For all but the most cash-rich investors, one of the few means of competing is a hard money loan for residential rehab and other purposes.
Term
6 months to 20 years – interest-only, partially-amortized, and fully-amortized loans available.
Find Out If You Prequalify
Simply provide your contact information, and answer just 5 questions to determine if you prequalify for a loan.
Why Choose RFG?
RFG is invested in your success! Whether you’re looking for a Fix-to-Flip or Fix-to-Rent loan, we’re unique among private money lenders because we evaluate borrowers as a whole, and work to match your specific goals to a loan with the term that’s right for you.
RFG wants to partner with YOU!
With over $200M funded on thousands of loans, RFG is the hard money lender of choice in 25 states across the country. Your success is our success — let us help you make your mark in the Fix-to-Flip/Rent industry!
Why don't lenders care about your down payment?
Most hard money lenders don’t care because their focus lies in the collateral.
What is hard money loan?
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.
Why do hard money lenders charge higher interest rates?
Because hard money lenders focus more on the collateral property than the borrower, they don’t shy away from borrowers with bad credit. They just charge higher interest rates and fees, and lend at a lower LTV, to higher-risk borrowers.
What is the final risk in a renovation project?
A final risk, which is inherent in any renovation project, is going over budget. Don’t expect your hard money lender to be sympathetic if your contractor hits you with an extra $5,000 in expenses. You’ll be expected to cough up any overages out of your own pocket. Make sure you get a home inspection before you purchase to minimize the risk of surprises.
Is hard money loan good for real estate?
Advantages of Hard Money Loans. Hard money loans have been around for a long time, and they’re still the funding option of choice for many real estate investors, despite the recent entry of “disruptors” in the field like real estate crowdfunding platforms. Here’s why hard money loans remain so popular among investors.
Is hard money good or bad?
Hard money loans are neither inherently good nor evil; they’re merely one financing tool among many in a real estate investor’s toolkit. Here’s what aspiring real estate investors need to know about hard money loans, including their pros, cons, costs, and the right and wrong times to use them.
Our hard money loan programs are designed to help you make money in real estate
We’re a local lender that specializes in offering short-term hard money loans to real estate investors in Maryland, Washington, DC, and Virginia. All of our loans are collateral-based, and we secure them against investment properties you wish to purchase or already own.
We are different from many hard money lenders out there
How? We are a direct lender lending its own money – and on its own terms. Many lenders claim they’re “hard money” or private and then underwrite like a regular bank. They ask for a bunch of documents, including tax returns, and then put then under a microscope. They tell you which contractor to use and which permits to get.
Speed
We provide pre-approvals in as few as 24 hours and can fund your loan in 5 days or less.
Flexibility
Our proprietary underwriting criteria focuse on your deal’s potential, not your credit or income.
Favorable Terms
Our hard money loans are designed to keep your costs low and help maximize your profits.
Support
Our team of local experts is focused on ensuring a smooth closing and timely support of your renovation project.
Local Expertise
As the top hard money lender in Maryland, Washington DC, and Virginia, we know the local market inside out and have boots on the ground to make your rehab a success.
Why Work with the HardMoney Company?
We close hard money loans fast without sacrificing quality. We know time is money, so we operate very efficiently to meet our customers’ demands.
The HardMoney Company Advantage
The HardMoney Company is a premier private money lender from the Mid-Atlantic to South Florida region, with offices located in Washington, DC and Aventura, Florida. Our private lenders have experience providing hard money loans of all sizes, anywhere from $50K-$5M.
Types of Hard Money Loans Offered
A large portion of our business is helping clients refinance/restructure their current loan. Let us help you get cash out of a property, and do it fast!