Who are the Best Hard Money Lenders in Evansville 2021?

Finding the best hard money lenders Evansville is 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 set you back thousands of dollars. On the other hand, a good hard money loan from Evansville’s top providers will give your business buying power and allow for exponential growth in less time than any other source of financing available out there.

Evansville has a limited selection of local private money lenders. With that said, there are several national lenders who are available to loan throughout Evansville. Rates on hard money loans issued to Evansville investors average a standard 10-11% with an average loan amount around $106.4k. The median loan term is around 6-12 months. The mean hard money loan includes origination fees in the 3-4% range with standard LTV averages around 65-75%.

Here’s our short list of the top 5 Best Hard Money Lenders in Evansville:

  1. Opportunity Business Loan
  2. Lionheart Commercial Capital
  3. CPL Investments LLC
  4. Longhorn Investments
  5. Hard Money Man

Top 5 Best Hard Money Lenders Evansville IN

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1. Opportunity Business Loans

Our first hard money lender in Evansville 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
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2. Lionheart Commercial Capital

Our next Evansville hard money lender is Lionheart Commercial Capital. They’re one of the few highly rated hard money lenders near Evansville with a solid Google profile. They offer a  good selection of loan programs including fix  and flip loans, construction loans, bridge financing and more.

Here’s  some more info about their loan offerings:

  • Loan amounts from $2 million up to $500 million
  • Up to 80% LTV
  • Low interest rates
  • Origination fees of 1% to 4%
  • Interest-only amortization
  • Commercial properties, raw land, and development projects accepted as collateral
  • Closing times as fast as 5 days
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3. CPL Investments LLC

CPL Investments LLC is located nearby in Carmel IN. They come well rated on Google for  strong customer service and an easy process. Their hard money loans typically include funds for both the purchase and rehab of the property. This is the perfect type of loan for anyone interested in getting into the ‘Fix ‘n Flip’ business.

Here’s some more info about their fix and flip program:

  • No experience requirements
  • 6-36 months
  • Will fund 80% of the purchase price and 100% of the rehab costs or up to 60-65% of ARV
  • Escrow draws within 24 hours
  • Rate 10-15% (interest only payments)
  • Points are charged in arrears and determined on a deal by deal basis
  • Streamlined application process
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4. Longhorn Investments

Longhorn Investments is a quality national hard money lender based in Dallas that lends to many Indiana cities. They were formed in 2008 and have funded thousands of loans since inception. They also offer complementary services incincluding title work and real estate law. They have programs for rehab fix and flips and  also longer term rental properties. 

Here are more details:

  • Starting at 11.99% interest only payments (depends on deal and location)
  • Starting at 2.99 points origination (depends on deal and location)
  • Appraisal Fee: $425 – $550 (dependent upon location and independent appraiser’s fee)
  • Draw Inspection Fee
  • Loan Documents: $475
  • Loan Admin Fee: $500
  • Credit Report Fee: $40 ($45 for Joint)
  • Monthly Servicing Fee: $15
  • LTV up to 75%
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5. Hard Money Man

Hard Money Man LLC is a New Jersey based private money lender. They’re a national lender but they loan to many Indiana cities including Evansville. 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

Best Hard Money Loans Evansville FAQ

Who is the best hard money lender in Evansville?

Here’s our short list of the top 5 Best Hard Money Lenders in Evansville:

  1. Opportunity Business Loan
  2. Lionheart Commercial Capital
  3. CPL Investments LLC
  4. Longhorn Investments
  5. Hard Money Man
What do Evansville hard money lenders charge?

Hard money loan rates in Evansville 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 2-4%.

Do Hard Money Lenders in Evansville require appraisals?

Many hard money lenders in Evansville will require an appraisal.

What is hard money in Evansville?

Hard money loans in Evansville 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.

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