Finance Your Real Estate Investment with a Washington Hard Money Loan
Successful investment in real estate requires hard work and patience.
It also takes financial preparation and steady access to funds, especially in competitive markets like Washington State.
Hard money loans (also known as private money loans) are a great option for investors who have been turned down by conventional lenders. If you are self employed, have less-than-perfect credit, have filed for bankruptcy, or have a property that doesn’t qualify for a traditional bank loan, a hard money loan can help provide the cash you need. Loans are asset-based, so credit history isn’t an issue. And since approval is quick, private money lenders are a helpful go-to when time is of the essence.
How does the private money loan process work at Gregory M. Russell? Find out what to expect.
How Our Private Money Loans Are Made
- The loan decision: Equity loans/refinance loans are determined based on sufficient equity, not your credit or income. We loan up to a maximum of 50% or half the value of your property. Applicants for loans to purchase property must have the other 50% down plus closing costs. Our loan minimum and maximum is $25,000 – $250,000.
- Property value: A property’s current market value is determined by reviewing comparable property sales. We’ll inspect a property to assess its condition and may order an appraisal.
- Poor credit: We understand credit ratings can be temporary. We qualify loan applicants based on available equity, not credit history, making our private money loan services an ideal option for Washington State investors looking for financing.
- Property types: We loan on any type of property, including residential, rental, mobile/manufactured homes, commercial and industrial properties, as well as lots, acreage and land. (We don’t lend on mobiles in a park.)
- Rates and terms: Our interest rates and terms are highly competitive within the hard money loan industry. Each lending scenario is unique, so contact our team to learn more.
- Penalties: We do not impose penalities for paying your loan off early.
- Turnaround: Our process is fast and hassle-free, with no paperwork. Approval generally takes about a week and you’ll receive your money within approximately ten days.
Talk to Our Washington Team About a Hard Money Loan
We’ve been making equity real estate loans to investors around Oregon for 30 years. Call us at 1-888-477-0444 to learn more about our loan services at Gregory M. Russell.