Who are the Best Hard Money Lenders in Cedar Rapids 2023?
Finding the best hard money lenders Cedar Rapids IA is very important to your investing success. Whether you’re looking for a fix and flip loan or a BRRRR strategy, a bad hard money loan can cost you thousands of dollars. On the flip side, a good hard money loan from Cedar Rapids’ top providers will give your business more buying power and allow you to scale your business in less time than any other source of financing available.
Cedar Rapids doesn’t have a big selection of local private money lenders, but there are several national lenders who are available to loan throughout Iowa. Rates on hard money loans issued to Cedar Rapids investors average a solid 9-12% with an average loan amount around $110k. The median loan term is around 6-12 months. The mean hard money loan includes origination fees in the 2-4% range with standard LTV averages around 70-80%.
Here’s our short list of the top 3 Best Hard Money Lenders in Cedar Rapids:
- Diversified Commercial Funding
- Opportunity Business Loans
- Bridgewell Capital
Top 3 Best Hard Money Lenders Cedar Rapids
1. Bridgewell Capital
Bridgewell Capital is a hard money lender based in Orlando. They offer rehab loans for flips and for rental properties. They also do multifamily loans and commercial loans.
Here are some of their fix and flip loan terms:
- Up to 100% of rehab costs
- Up to 75% ARV
- Closings in 10 days
- Damaged Credit Okay
- No interest on undrawn rehab funds
- No pre-payment penalty
2. Opportunity Business Loans
Our next hard money lender in Iowa is Opportunity Business Loans. They have an excellent Google with profile with high quality reviews and a solid website with a lot of good information.
They’ve been in the lending industry for many years and have completed a lot of loans in several different areas.
Here are more details about their hard money loans:
- Loan Amount: $100,000 – $50,000,000
- Loan-to-Value: Up to 80%
- Rehab Costs: Up to 100%
- Term Length: 1 – 30 Years
- Amortization: Up to 30 Years
- Interest Rate: 6% – 14%
- Closing Time: 2 – 4 Weeks
3. Atlas Alternative Finance
Atlas Alternative Finance is a private money lender based in Des Moines, Iowa. They were founded to provide creative out of the box financing solutions for your business. Their goal is to offer unequaled service, accessibility, and professionalism to their clients.
Atlas offers a goood selection oof loan programs, but they’re more tailored to larger projects with a $5 million minimum.
Best Hard Money Loans Cedar Rapids FAQ
Who is the best hard money lender in Cedar Rapids?
Here’s our short list of the top 3 Best Hard Money Lenders in Cedar Rapids:
- Bridgewell Capital
- Opportunity Business Loans
- Atlas Alternative Finance
What do Cedar Rapids hard money lenders charge?
Hard money loan rates in Cedar Rapids average 9-12% for shorter and mid range terms. Most hard money lenders also charge points or origination fees on a loan ranging from 2-4%.
Do Hard Money Lenders in Cedar Rapids require appraisals?
Many hard money lenders in Cedar Rapids will require an appraisal.
What is hard money in Cedar Rapids?
Hard money loans in Cedar Rapids 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.
