You may be using an unsupported or replaced browser. For the most productive experience imaginable, use the latest edition of Chrome, Firefox, Safari, or Microsoft Edge to visit this website.
If you’re thinking about investing in or renovating an investment property, or if you’re between houses and want to get some quick change for a down payment, a hard change loan may be the way to go. All of the hard currency lenders on this list offer a loan-to-cost (LTC) ratio of up to 90% and finance up to one hundred percent of rehab costs.
However, each lender also excels in other areas. So, whether a quick closing time is the most sensible priority or proper customer service is a must, chances are you’ll find a cash lender here that meets your needs.
Why you can accept Forbes Advisor as true: Our writers are committed to providing you with unbiased ratings and information. Our editorial content is not influenced by advertisers. We use data-driven methodologies to compare monetary products and businesses, so that everyone is measured equally. You can learn more about our editorial rules and lending method for proofs below.
Launched in 2017, HouseMax Funding is a fast-growing Austin-based mortgage lending company offering cash financing in urban and suburban communities nationwide. Offers borrowers quick quotes and the ability to prequalify “in minutes. ”
Available in all 50 states. The application process is open to citizens of all 50 states and Washington, D. C.
How to Apply To prequalify, submit a loan application, a government-issued ID, all monetary statements from the last 60 days, your property purchase agreement, and renovation plans.
Once pre-qualified, you will need to submit payment for evaluation and set the budget. After you get the appraisal and sign the loan agreement, you’ll schedule the final appointment with the name of the business. Once the loan is closed, HouseMax provides the funds.
Customer service will be provided via telephone and email from Monday to Friday, from 8 a. m. to 6 p. m. CT.
SpeedThe company says its goal is to fund your loan in 10 days or less. An investment loan can be closed in seven days.
Credit Requirements A credit score higher than the above is required to qualify.
Types of Loans OfferedHouseMax offers steady and revolving loans, rental loans, home improvement loans, multifamily loans, core structural loans, and bridge loans. Loan amounts are up to 90% LTC for acquisition deals and HouseMax provides up to $9 million in financing, depending on the loan product.
If a quick closing is the most sensible priority, Easy Street Capital says it will review your application and provide you with a loan term sheet within 24 hours. No appraisals are required, and if all parties are in a position to close, Easy Street Capital can fund your loan in as little as 48 hours.
In addition to offering general loans, the Austin, Texas-based company claims to be a leader in loans for short-term rentals, such as homes used for Airbnb, VRBO, or vacation homes.
Available in 42 states and Washington D. C. Not available in Arizona, Minnesota, Nevada, New York, North Dakota, South Dakota and Utah.
Customer service in the Austin office is available by phone Monday through Friday, 9 a. m. to 5 p. m. m. at five p. m. CT. The West Coast office will be open Monday through Friday, 9 a. m. to 5 p. m. m. at five p. Pacific time.
How to applyComplete an online application to start the process. The form will ask if you are looking for a loan to acquire or refinance, what stage of the process you are in, the location of the assets, and the loan program you are interested in.
Additionally, you will want to disclose the source of your down payment, your loan repayment plan, key points related to your execution strategy, your lending experience, and tactile information.
SpeedClaim a final time of hours or less.
Credit RequirementsEasy Street Capital is an asset-based lender, so it bases its loans on asset quality rather than the borrower’s credit history and credit score. Still, the online page says you want a minimum score of six hundred credits to qualify for an EasyFix (repair and conversion) loan and a minimum score of 620 for an EasyRent (rental) loan.
Types of Loans OfferedEasy Street Capital offers constant and opposite loans, rental loans, home improvement loans, multifamily and mixed-use real estate loans, fundamental structural loans, general portfolio loans, and bridge loans.
Express Capital Financing (ECF) is a national lender specializing in cash and bridge loans, steady and reverse loans, and small balance advertising loans. ECF also promises to offer higher rates, terms and fees to its competitors.
Furthermore, ECF offers a simplified loan procedure with a quick schedule and maximum visitor satisfaction. Depending on the loan, interest rates start at just 7% at the time of writing.
Available in 47 states and Washington D. C. No available in Nevada, South Dakota, and North Dakota.
Customer service will be provided via telephone and email from Monday to Friday from 9 a. m. to 7 p. m.
How to Apply Apply Apply online by deciding on the applicable loan type. From there, fill out an online setup request form or download it. Once the form is submitted, a team member will contact you to discuss the viability of the loan.
Only US citizens, foreigners and permanent citizens are eligible for ECF loans. If you’re eligible, ECF says it provides pre-approval within 24 hours.
SpeedECF offers a quick response to the request, with a typical final time of seven to 10 days and in some cases as little as five days.
Credit Requirements ECF does not require a minimum credit score. However, borrowers will need to have a minimum credit score of 650 to avoid interest reserve charges and cannot have experienced bankruptcy, foreclosure or short sale in the last four years.
Types of Loans OfferedECF makes constant and opposite loans, lease loans, balance loans, mixed-use multifamily loans and basic structure loans. Loan amounts can be up to 90% of LTC for procurement contracts. ECF offers up to $5 million in financing.
Founded in 2010, RCN Capital provides loans to acquire and refinance unoccupied residential and advertising properties. It can also finance renovation projects and bridging loans.
RCN Capital provides loans to real estate professionals, advertising entrepreneurs, developers and small business owners in many parts of the country and plans to expand its business to all 50 states.
For those who want more support, RCN Capital Partners offers resources on its online page that can help both new and veteran investors. For example, the corporate partners at Tax Hive, a business tax advisory network that will shape your LLC in just a few steps and complete the required paperwork.
Available in forty-five states and Washington D. C. Not available in Alaska, Nevada, North Dakota, South Dakota and Vermont.
Customer service will be provided by telephone from Monday to Friday, from nine to six in the afternoon.
How to Apply Start by filling out an online form that asks for the location of assets and their contact details. If eligible, you will need to provide RCN with underwriting documents, add an application, copies of money statements, asset appraisal, and renewal estimates.
The fast final time can take as little as 10 business days.
Credit Requirements Credit requirements in RCN Capital’s product line vary, but typically require a score of around 600 to qualify.
Bridge loans and post-repair rate loans require a score of 620, while structured loans have a higher requirement of 650. Rental loans at RCN Capital require a credit score of 660 for single-family assets or a score credit score of 680 for a family-owned multi-asset.
Types of Loans Offered RCN Capital offers constant and opposite loans, multifamily loans, long-term rental loans, core structure loans, and short-term bridge loans. Loan amounts may exceed up to 90% LTC for procurement contracts. RCN Capital offers up to $10 million in financing depending on the loan product.
Houston-based Jet Lending has made thousands of loans since launching in 2004, providing purchase, refinance, withdrawal and portfolio functions, as well as other lending products based on your real estate investment goals. Customers also congratulate the lender.
Available in all 50 states and Washington D. C. Jet Lending serves all 50 states and Washington D. C.
Customer service will be provided by telephone from Monday to Friday, from 8 a. m. to 5 p. m. CT.
How to Apply Click the “Apply” button on Jet Lending’s online page to begin the process. The following page gives you the choice between a short-term home loan, a long-term home loan, or a line of credit. there, Jet Lending provides a submission form requesting main points similar to the loan application type.
SpeedClosing takes seven to 10 business days once you are legal to close through your corporate name and obtain your valuation report.
Credit Requirements Credit scoring applies to short-term, asset-based loans. However, a smart credit score is required for long-term, asset-based loans.
Types of Loans OfferedJet Lending offers loans for purchase, repair, and sale/lease, loans for short- and long-term rentals, land loans, and loans for new structures.
With 17 years of experience and over $1 billion in loans funded, Park Place Finance provides guidance to new investors while maintaining a smooth final process.
Park Place Finance also caters to experienced investors, many of whom are repeat visitors. Customer reviews describe the representatives as easy to deal with and appreciate the fast turnaround times and excellent customer service.
Available in 47 states and Washington D. C. No available in Alaska, North Dakota, and South Dakota.
How to Apply Start the procedure by filling out an online form asking for information about the type of loan you need, the type of assets you are financing, where you are in your asset identification procedure, your credit score, and your contact details. You can also start by speaking with a representative over the phone.
SpeedPark Place Finance says it’s imaginable to close in as little as three days, but the lender suggests that five to seven days is most typical.
Credit Requirements A minimum credit score is required for many loans; Park Place Finance will make some exceptions.
Types of Loans Offered Park Place Finance offers constant and opposite loans, structured loans, debt service coverage ratio (DSCR) loans, bridge loans and traditional vested loans.
Kiavi does not impose any payment consequences and does not charge hassles (a payment that can vary from 2% to 10% of your loan) when you pay off the loan or when you are in a position to pay it off. Borrowers can purchase or refinance homes and have access to a variety of loan products.
For those who need a streamlined online experience, Kiavi’s modern generation platform automates many facets of the loan process, enabling a streamlined decision-making experience.
However, it should be noted that Kiavi does not make loans to new homeowners looking to finance their first home.
Available in 32 states and Washington D. C. Kiavi loans in Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Florida, Georgia, Illinois, Indiana, Kansas, Kentucky, Massachusetts, Maryland, Michigan, Minnesota, Missouri, North Carolina, and New Jersey, Nevada, New York, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, Washington, Wisconsin, West Virginia, and Washington D. C.
How to apply Kiavi’s application procedure is one hundred percent online. To get started, submit data related to the type of assets you are considering and any investment homes you have previously purchased or refinanced. Before submitting a loan application, speak with a Kiavi representative to discuss your project.
SpeedClaims will be closed in 10 business days.
Credit Requirements Kiavi conducts credit checks to see your credit score, which helps pre-qualify for your desired loan. The minimum credit score requirement for a DSCR rental loan is 660.
Types of Loans Offered Kiavi offers constant and opposing loans, DSCR lease loans, lease portfolio loans, and bridge loans.
Although cash loans work well for some borrowers, they’re also called “loans of last resort” for a reason: They tend to be risky.
Cash loans are short-term secured loans where the lender is usually an individual investor, an investor organization, or a company, as opposed to a monetary establishment or classic loan lender. Due to the high-risk nature of those loans, classic lenders do not offer them. Therefore, someone who needs to temporarily “fix and reverse” an undervalued asset may want to opt for a cash loan.
Lenders face significant threats with cash loans due to the potential burden that can result from borrower default. That’s why those loans almost have maximum interest rates. Borrowers have a short repayment period and risk wasting their assets in the event of default.
Those who take out cash loans often need cash temporarily and use those loans at most to finance investment homes or promote real estate. In addition, real estate owners or investors who want to buy an asset before selling their existing assets can also use bridge loans, paying to back the lender with equity in their existing assets once they sell them.
Since cash loans use assets as collateral, cash lenders tend to offer less financing than classic loans. This way, if a borrower defaults, the lender can recover the loan investment (and perhaps more) by promoting the assets. Additionally, requiring a larger down payment from the borrower better protects the lender against market fluctuations.
Cash loans begin when the borrower pays only the monthly interest on the loan. Once the loan term is over, the borrower pays the principal in a single installment. If the borrower manages to sell the assets before the end of the loan term, it means that they will pay less interest and make more profits.
Although the procedure for obtaining a cash loan differs from a classic loan based on the speed of approval, flexibility, and required underwriting documents, obtaining a cash loan requires certain steps to be taken.
Additionally, cash loans do not cover all expenses related to the purchase and rehabilitation of the property. Therefore, you should estimate in advance how much additional cash you will need to make a down payment to cover the difference.
Here’s a review of what you can expect when applying for a cash loan:
As with any mortgage loan, cash loans have their disadvantages. Here are the most notable ones.
We rate cash lenders based on characteristics that have a particular effect on borrowers seeking a cash loan, adding interest rates, loan options, affordability, end time, and visitor service.
We provide bonus issues if a cash lender provides multifamily or construction-for-rental loans, covers full rehabilitation costs, and provides a maximum loan-to-cost ratio (LTC) on any of your loans. cash and has an online service. loan process.
Our score is broken down as follows:
We have chosen to focus on those basic elements to offer cash lenders that offer the most competitive rates while offering a satisfying visitor experience available to borrowers of all monetary backgrounds. This maximum productive score formula reflects the maximum productivity of consumers. Sensible priorities when making comparisons between cash lenders.
To learn more about our rating and scoring method and our editorial process, see our consultant on How Forbes Advisor Rates Mortgage Lenders.