Get Hard Money Loans at Crossroads Investment Lending
Crossroads Investment Lending is here to help Kansas City residents access short-term hard money loans so they can receive funding for their investment property quickly and with ease. You have enough on your plate, that's why we do the hard work so you can get the deal you deserve. With us, you forgo having to deal with all the extra details and hassle you'd be subjected to when visiting a bank for hard money loans. You'll be glad you chose our team, as we have a reputation throughout the region for delivering quick and streamlined loan services that go above and beyond client expectations. Learn more about hard money loans and how we can help you maximize your investment.
What Is A Hard Money Loan?
A hard money loan is an asset-based loan that uses the property as collateral to secure funds. In other words, hard money loans care more about the value of the property rather than your experience or financial qualifications. This is an excellent option for those who want to get into the world of fixing and flipping houses but don't have the necessary credit scores to qualify for a conventional loan. Our private money lenders give you a chance to access the funds you need without delay.
The Benefits of Hard Money Loans
There are many benefits associated with hard money loans. If you've just begun investing in properties, these loans are a valuable financial tool. The professionals at Crossroads Investment Lending encourage all investors to learn more about this loan type. Some of the main benefits of hard money loans include the following:
- Fast loan approvals and funding
- Designed to cut through the red tape of conventional financing
- One of the most straightforward loans to qualify for
- Requires no prior investment experience
- The loan is not based on your creditworthiness or income history
- Can receive funding in 7–10 days
Hard Money FAQs
The loan process can be confusing, especially if you're new to the whole thing. Don't worry. Our team has the knowledge and experience you need to receive the best loan for your situation. Hard money loans are something every real estate investor should keep in mind. Learn more about the convenience of these loans and how they can help you make the most out of your next investment property.
Hard money is referred to as money that private money lenders give out solely based on property value. Unlike many other loans, perfect credit and an A+ income record are not needed to access hard payday loans in Brighton money loans.
Crossroads Investment Lending typically offers up to 65% of the After Repair Value (ARV) in available financing. You'll be responsible for making enough profit from the property sale to cover renovations, interest, and fees, as well as closing costs.
Qualifying for a hard money loan is much easier than a conventional loan because no prior investment experience is required. You will need a credit score of at least 620, a debt-to-income ratio under 35%, and no recent foreclosures or bankruptcies to qualify for one of our hard money loans.
With help from our team, the application process is simple. You will need to submit a contract of sale, repair estimate, recent tax forms, and recent bank statements to apply for a hard money loan.
The hard money loan lenders at Crossroads Investment Lending can close on your hard money loan in just 7–10 days! Our prompt turnaround times ensure you can get the funding you desire.
Hard money loans are short-term, typically lasting one to six months. The reason for such a short time period is that the process of buying, renovating, and selling a house usually takes less than six months. The loan is then paid back with the proceeds from the sale of the home. Until the home is sold, you will only need to make payments on the monthly interest.
Hard Money Loan Cost
While bank fees on loans tend to add up quickly, Crossroads Investment Lending keeps our costs low for your convenience. Our fees and payments for hard money loan services include the following:
- Processing Fee: $1,250 due at closing
- Loan Origination Fee: 5% of the loan amount
- Other Fees: 3.5–6% of the property's sale price at closing
- Interest payments: 13.5–16%, rolled into loan up to 90 days
Contact Us Now to Get Started!
If you're looking for a way to max out on your investment, we can help! The knowledgeable and friendly team at Crossroads Investment Lending is looking forward to helping you get started on your real estate investment dreams with our hard money loans or various other loan types. We'll help you determine the right choice for you so you can focus on what's essential – the deal itself. Give us a call or fill out our online form today!