Hard Money Loans in Kansas City
Quick and Easy Hard Money Loans for Real Estate Investors
Investing in real estate is a great way to turn a profit. However, many people never try it because they have to jump through so many hoops to simply qualify for the initial loan. Fortunately, Crossroads Investment Lending has the perfect solution!Our private lending company is dedicated to helping you get your start in real estate investing by offering flexible hard money loans.
What is a Hard Money Loan?
A hard money loan is an asset-based loan that uses real property as collateral to secure funds.In other words, hard money loans care more about the value of the property than your experience or financial qualifications. This may be a great option for you if you 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.
The Benefits of Hard Money Loans
- Easily accessed
- Cuts through the red tape
- Easiest loan to qualify for
- Requires no prior investment experience
- Loan is not based on your credit worthiness
- Can receive funding in 7–10 days
Hard Money FAQs
What is Hard Money?
Hard money is money that is lent based on the value of the property, not your credit worthiness.
What is the amount of financing available?
Crossroads Investment Lending typically offers up to 65% of the After Repair Value (APV) in available financing.You will need to make enough profit from the property sale to cover renovations, interest and fees, and closing costs.
What Are the Minimum Qualification Criteria?
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 a hard money loan at Crossroads Investment Lending.
What paperwork is needed for the application process?
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.
How long will a hard money loan take to close?
The hard money loan lenders at Crossroads Investment Lending can close on your hard money loan in just 7–10 days!
What are the typical loan terms of hard money loans?
Hard money loans are short term, typically lasting 1–6 months. The reason for such a short time period is that the process of buying, renovating, and selling a house typically takes less than 6 months. The loan is paid back with the proceeds from the sale of the home. Until the home is sold, you will only make payments on the monthly interest.
Hard Money Loan Cost
While banks fees on loans tend to add up quickly, Crossroads Investment Lending keeps our costs low for your convenience.
|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|
The knowledgeable and friendly team at Crossroads Investment Lending is looking forward to helping you get started on your real estate investment dreams, so give us a call or fill out our online form today!
Need money for your investment? Call (913) 766-2900 today!
Why Choose Us?
- Family Owned & Operated
- Local Fix & Flip Finance Experience
- All Credit Scores Considered
- Close in 7-10 Business Days
- Short Term Loan for Investment Projects