Question 1

What is a hard money lender?

Accepted Answer

A hard money lender specializes in funding non-owner occupied properties, either ready to rent or ones that need a repair and renovation. Generally they're backed by private equity firms compared to traditional banks and financial institutions.

Question 2

Do hard money lenders offer general business loans?

Accepted Answer

No, hard money lenders offer bridge loans, refinances, new construction and other types of business purpose, non-owner-occupied real estate loans.

Question 3

Can I apply for a hard money loan on commercial properties?

Accepted Answer

While some hard money lenders may, we currently don't provide funding on buildings that are residential in nature, such as houses and apartment complexes. Restaurants, retail stores, office space, and other commercial properties cannot be funded unless they are part of mixed-use buildings in which the majority of the space is residential.

Question 4

Can I borrow as a non-US citizen?

Accepted Answer

Yes, but the property must be located in the United States and you must have a US-based bank account.

Question 5

Can I borrow if I live outside the US?

Accepted Answer

Yes, as long as the property is located in the United States and you have a US-based bank account.

Question 6

Can I apply from my phone?

Accepted Answer

Certainly! Our application process and self-service portal work on any desktop or mobile device. Apply in the page header on our website.

Question 7

Is a hard credit pull required when applying for a loan? When would my credit be run?

Accepted Answer

We do not run a hard credit pull for quoting the loan. Only once you decide move forward with the full application process, a credit and background check would be run.

Question 8

How does money lending work?

Accepted Answer

Generally, an application to borrow is submitted containing what kind of property is being purchased, or if the property is owned and looking to refinance or withdraw equity. The borrower is then pre-qualified and given a rate quote based on their credit and amount being borrowed. If he/she decides to move forward, the formal application process begins and supporting documents proving income, property information and credit information are submitted to underwriting for review. Title search and appraisal are ordered. If the risk is considered within acceptable threshold, the loan moves forward to begin the funding process where eventually the loan is dispersed in a method specific to the loan type.

Question 9

Do hard money lenders check credit?

Accepted Answer

Hard money lender policies vary, but generally a soft credit pull may be used for a pre-qualification on the initial application to understand general eligibility and rates. This is similar to credit card pre-approvals, and the soft pull does not show up on your report. A hard credit pull is required when moving forward with the full loan application for funding.

Hard Money Lending Frequently Asked Questions (FAQ)

How Can We Help You?

What is a hard money lender?

Do hard money lenders offer general business loans?

Can I apply for a hard money loan on commercial properties?

Can I borrow as a non-US citizen?

Can I borrow if I live outside the US?

Can I apply from my phone?

Is a hard credit pull required when applying for a loan? When would my credit be run?

How does money lending work?

Do hard money lenders check credit?

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