Who are the Best Hard Money Lenders in Birmingham AL?
Finding the best hard money lenders Birmingham is critical to your investing success. Whether you’re new to real estate or have been doing it for years, your hard money loan can eat up a ton of profit if it isn’t favorable. A bad loan can set you back thousands of dollars. On the other side, a good hard money loan can provide the financing you need in less time than any other source of financing. Birmingham hard money lenders can give you the buying power required to scale your business and profit.
Birmingham has a very limited selection of local private money lenders. With that said, there are several national lenders who are available to loan throughout Birmingham. Rates on hard money loans issued to Birmingham investors average a standard 10-12%. The median loan term is around 12-18 months. The mean hard money loan includes origination fees in the 3% range with standard LTV averages around 70%.
Here’s our short list of the top 4 Best Hard Money Lenders in Birmingham:
- Hard Money Man
- Civic Financial Services
- Baker Collins
- Lima One Capital
Top 4 Best Hard Money Lenders Birmingham Alabama
1. Hard Money Man
Hard Money Man LLC is a New Jersey based private money lender. They’re a national lender with over 20 years of experience in hard money loans, they’re one of the most experienced lenders avaailable. They’ve closed and funded over 7,500 loans totaling over 1.2 billion in transactions.
Here’s some more details:
- Rates from 8% for more experienced investors
- Funding up to 90% of Purchase Price
- 100% of Rehab up to 75% ARV
- Credit requirements: 650+ for new investors, 620+ mid for experienced
- Minimum 65k purchase price
- No Prepayment penalty
2. Civic Financial Services
Our next hard money lender is CIVIC Financial Services. CIVIC is a best-in-class real estate lender that provides fast and simple financing to real estate investors. Whether the intention is to buy a single-family home to flip, to leverage an existing portfolio of rental homes to hold long term, or to acquire multifamily real estate for cash flow, they have a focused team and set of products that empower investors to build wealth through real estate.
Here’s some more info about their loan program:
- Up to 80% LTV
- Rehab financing available up to 100%
- 5/1 Arm starting at 4.99%
- 1 year bridge starting at 6.99%
- $100K-7.5M loan amount, higher on case-by-case basis
- SFRs, condos, townhomes, and 2-100 unit properties
- Experienced borrowers & new investors welcomed
- No personal income verification
- Closings in 7-12 business days
Speed in the loan process from start to finish. Excellent rep support; Processing, UW and Closers are great to work with.
– Danny A.
#3. Baker Collins & Company, LLC
Baker Collins is one of the highest rated companies on this list. They offer hard money loans to Birmingham investors. Their loan programs include rehab loans, rentals loans and commercial loans. They’ve closed over 300 loans since 2015 so they have a solid track record.
They can close in as little as 7 days and require minimal documentation for most loans.
4. Lima One Capital
Lima One Capital offers a wide variety of fix and flip (FixNFlip) rehab loans for the real estate investor looking to purchase and rehab an investment property. Their full offering of FixNFlip, Construction, Cash Out, and bridge lending programs provide investors the ability to capitalize on the fantastic real estate opportunities that exist across our entire lending area. At Lima One Capital, they have a passion for real estate and providing the best financing solutions for real estate investors across the country as they pursue their real estate investing goals.
Best Hard Money Loans Birmingham FAQ
Who is the best hard money lender in Birmingham?
Here’s our short list of the top 4 Best Hard Money Lenders in Birmingham:
- Hard Money Man
- Civic Financial Services
- Baker Collins & Company LLC
- Lima One Capital
What do Birmingham hard money lenders charge?
Hard money loan rates in Birmingham range from 10 percent to 12 percent for shorter and mid range terms. Most hard money lenders also charge points or origination fees on a loan ranging from 3-4%.
Do Hard Money Lenders in Birmingham require appraisals?
Many hard money lenders in Birmingham will require an appraisal. However, there are several lenders on this list who offer no-doc loans, in which case, it may not be required.
What is hard money in Birmingham?
Hard money loans in Birmingham are short term loans secured by real estate. These loans are used to purchase and/or rehab residential or commercial properties. They’re more expensive than traditional bank loans but can be closed faster and with less credit requirements.
