Hard Money Lender Charlotte North Carolina
#1 Hard Money Lender in Charlotte NC with quick closing and low rates!
RATES STARTING AT 6.99%
UP TO 80% LTV! 90% LTC!
12 to 24 MONTH TERMS – INTEREST ONLY
NO PREPAYMENT PENALTY*
QUICK 7 DAY CLOSING
NO INCOME DOCUMENTATION REQUIRED OR TAX RETURNS NEEDED
MINIMUM LOAN AMOUNT OF $100,000.
MAXIMUM LOAN AMOUNT OF 100 MILLION
LENDING AVAILABLE NATIONWIDE
N/O/O RESIDENTIAL, BUSINESS USE PURPOSE, INVESTMENT, & COMMERCIAL PROPERTIES ONLY
30 YR Rental loans from 4.99%, Fix and Flip Loans from 6.99% and Commercial Bridge loans from 5.49%!
Ground Up Construction loans starting at 6.99%.
Charlotte North Carolina is always one of the best real estate investment markets in the US. Compared to other cities in the U.S., the rental market in Charlotte is over 30% which is very high! There is a large student population from colleges such as University of North Carolina Charlotte, Queens University, and Davidson College which creates strong demand for rental investment properties.
The average home in Charlotte in 2022 sold for a median price of $380,000, which is over a 20% annual increase. For real estate investors looking to purchase rental properties for long term cash flow and appreciation will be happy to find the average rent price is over $1,500.
Whether you are looking for a longer term loan on a rental property, short term rental property (VRBO or ABNB), or a hard money loan in Charlotte… Capital Funding Financial can help.
Capital Funding Financial can assist you with our long term or short term rental loan program with rates starting at 5.49%! Capital Funding Financial finances ABNB and VRBO properties and does not require a lease in place to close on our DSCR rental loan!
APPLY NOW
CALL US TODAY AT 954-320-0242
FIND OUT HOW WE CAN HELP WITH YOUR NEXT
CHARLOTTE REAL ESTATE INVESTMENT TRANSACTION:
APPLY NOW
CALL US TODAY AT 954-320-0242
Charlotte Hard Money Loan
HOW CAN PRIVATE MONEY LENDERS ASSIST NORTH CAROLINA REAL ESTATE INVESTORS BY USING A HARD MONEY LOAN?
Conventional financing such as traditional bank loan is normally a very slow process. Loans typically have upfront fees, require higher credit scores, and demand a repayment schedule based on an analysis of the borrower’s finances.
However, when it comes to hard money loans, private money lenders only require basic information on your personal financial situation making the process quick & easy!
The entire process can be completed in a matter of days. This is very quick when compared to traditional mortgages which normally take well over a month to process.
Some of the key criteria of our Charlotte North Carolina Private Money Loan Programs include:
• Up to 80% loan to value ratio (LTV)
• Loans from $100,000 to a maximum loan value of $100,000,000
• Interest rates starting at 6.99%
• 12 to 24 months flexible terms
• No prepayment penalty
• No minimum FICO score
APPLY NOW
CALL US TODAY FOR A QUICK PRE-APPROVAL: 954-320-0242
What is hard money loan?
A hard money loan is a loan based on the value of the asset versus the income of the borrower. Where conventional loans are usually for 15–20 year terms, hard money loans are used as a short term option (1–3 years usually) as a bridge to acquire a rehab, or stabilize a commercial, retail, office, industrial, multi–family, or single family residential home.
Why exactly would a person pick a hard money loan (asset–based loan) over a conventional loan provided by a bank with lower rates?
There are many reasons why a borrower would choose to use private financing or a hard money loan over a more affordable traditional financing: (1) Quick Funding– traditional banks take a minimum of 45 days to fund just one family residential loan, any where between 60–90 days to finance a commercial loan, and over 120 days to fund a development loan. Whereas, a hard money loan is typically financed within 7–14 days. (2) Property Needs Work– because of the conventional bank‘s very conservative underwriting guidelines, most will not lend on properties needing repair. However, a private lender will be happy to loan on a property that either lacks cash flow or necessitates physical developments so long as the borrower has enough “skin in the game” (equity). Before it can be used for instance, banks really rarely finance a loan secured by a property in need of repairs; so the borrower will use a hard money lender to buy and rehabilitate the property, and then settlement the hard money loan with normal financing. Another example would be a commercial property that has no tenants… a bank won’t loan until the property is leased up. However, temporary financing will be provided by an exclusive lender to the borrower to purchase the property and lease it up. Once the property is stabilized for a particular time period, the hard money loan will be refinanced by a commercial lender with normal lending. (3) Not based entirely on credit or income– Traditional banks rely greatly on a borrower’s credit score, previous income, and ability to repay the debt. So quality borrowers like physicians, lawyers, and attorneys who have high incomes but also have lots of debt are turned down by traditional banks for conventional lending. So, there is certainly an enormous importance of private lenders who look the value of the underlying asset in comparison with the amount of the loan versus the borrower’s credit history. At Capital Funding Financial, we base our capital decision mainly on the LTV (loan to value). Capital Funding Financial lends up to 80% LTV.
What are the interest rates involved in hard money loans in Charlotte North Carolina?
The rate by the lender is determined by taking a look at a mix of factors such as: (1) loan to value ratio, (2) borrower’s credit score & income, (3) the property condition and location, (4) borrower’s “skin in the game” (amount of cash equity in the property). At Capital Funding Financial we offer the lowest rates around starting at 6.99%*
What are the fees associated with asset based lending?
Hard money lenders charge financing origination fee of 3% to 5% of the loan amount. Various fees for file preparation will subsequently charge by a lawyer, an application fee, assessment fee from an unbiased appraiser, and a loan processing fee. Capital Funding Financial charges a low origination fee starting at 1.50%* without all the concealed junk fees!
Can the loan fees be paid from the loan proceeds?
Yes, so long as there’s a huge enough equity cushion in the real estate. Most of the time all of the fees (besides the application fee) are paid in the actual loan earnings.
Can there be a prepayment penalty with hard money loans?
Ordinarily hard money lenders in Charlotte NC implement a 3–6 month minimum interest requirement. For instance, with a 6 pre-payment fee, if the borrower should happen to repay the loan in 3 months, there would be 3 additional months of interest due. This condition is put in place so that the lender receives a little yield for the time, hassle and apportionment of its funds to some borrower. If the borrower repays the loan after six months, then no prepayment penalty will be issued. Capital Funding Financial offers hard money loans in Charlotte with No Prepayment penalties!
How fast can a Charlotte hard money loan close?
At Capital Funding Financial, we’re a direct lender and have the ability to close loans within a few days when given a complete loan package (credit report, BPO or appraisal, and title commitment). The typical deal takes about 1 to 2 weeks to fund as an independent appraisal and title report need to be run on the property.
When is an appraisal required versus a broker price opinion?
For hard money loans, Capital Funding Financial accepts appraisals from other lenders or broker price opinions. A new appraisal will only be required when there is renovation involved and Capital Funding Financial has relationships with local brokers to turn around a valuation in days not weeks if needed.
When finishing flip or rehabilitation project & a fix, what’ll the hard money lender require?
The lender will want to see the extent of work described with a cost analysis timeline and worksheet. The lender uses this as helpful tips in releasing capital for rehabilitation purposes. Nothing ever goes as planned when performing a rehab; consequently the lender will want to find the borrowers experience in performing or managing real estate repairs. The lender require an inspection to be made after each draw is complete and will release funds in draws for such listed repairs. The lender may also require income statement and a credit report in the borrower to show that the borrower has the ability to repay the loan. Yet, hard money lenders focus primarily on the asset value of the security and never the credit score. At Capital Funding Financial we offer a fix and flip program for higher leverage requests up to 90% LTC and 75% of the ARV with 100% of the rehab funds included!
So if you are looking for a hard money loan for a rehab, fix & flip, or investment purpose, contact us today at 954-320-0242 or visit Hard Money Loan for more info.
Just click here Hard Money Loan Program for more information.
Borrower- Apply for a hard money loan
Charlotte North Carolina Hard Money Lender | Charlotte, North Carolina