Who are the Best Hard Money Lenders in Grand Rapids MI in 2021?
Finding the best hard money lenders Grand Rapids is critical to your real estate investing success. Whether you’re new to real estate or are much more experienced, your hard money loans in Grand Rapids can end up costing you thousands of dollars if you aren’t careful. 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 flip side, hard money loans can provide the financing you need to make a deal possible. Grand Rapids hard money lenders can give you the buying power you need to secure your deal.
Grand Rapids was a struggle to find reputable local hard money lenders. We couldn’t come up with many so we had to include a national lender just to fill out the list a bit.
Loan amounts average around $275-300k. Rates for private loans average 10-12%. The average loan made in this city has a length of 8-12 months. Origination feess range from 2-4%. Lenders typically offer a 70-75% loan-to-value on hard money loans in Grand Rapids.
Here’s our short list of the top 3 Best Hard Money Lenders in Grand Rapids:
- Northwind Financial
- Financial Wize
Top 3 Best Hard Money Lenders in Grand Rapids MI
1. Northwind Financial
Northwind doesn’t have the best Google presence, but they’re a local direct lender, providing a variety of residential & commercial hard money loans. They’ve been operating in Grand Rapids since 1998. They provide financing for all types of real estate assets including multi-family, retail, office, manufacturing, self-storage, manufactured home parks, residential 1-4 family properties, and recreational facilities – including for acquisition, construction. and redevelopment purposes.
Here’s some more details about their fix and flip loans:
- SFR, 2-4 Unit Non-owner Occupied
- Condos, Townhomes, PUD’s, Purchase, Refinance, Rehabilitation, Cash-out
- $250,000 – $7,000,000 Loan Amounts
- 3/1, 5/1, 7/1, 10/1 or 30-year term; ARM or Fixed interest rate available!
- Rates starting as low as 5.25%
- Minimum FICO score – 620
- 75% LTV – up to 100% LTC
- Downpayments as low as 10%
I normally don’t like to put national lenders on the list if I don’t have to, but the options for hard money loans in Grand Rapids are very limited online. While LendingOne isn’t local, they are a very reputable company with competitive rates.
Here’s some more details:
- No interest charged on unused rehab funds
- Up to 90% LTC
- Fix-and-flip financing up to 12 months
- Simple process
- No pre-payment penalty
#3. Financial Wize
Financial Wize doesn’t have the best website, but their reviews are solid. Their also one of the few local hard money lenders in Grand Rapids.
They don’t offer a lot of information to the public, which can be a red flag.
Best Hard Money Loans Grand Rapids FAQ
Who is the best hard money lender in Grand Rapids MI in 2021?
Here’s our short list of the top 3 Best Hard Money Lenders in Grand Rapids in 2021:
- Northwind Financial
- Financial Wize
What do Chicago hard money lenders charge?
Hard money loan rates in Grand Rapids range from 10 percent to 12percent for most fix and flip and shorter term loans. Many hard money lenders in Grand Rapids also charge points or origination fees on a loan that range from 2-4 percent.
Do Hard Money Lenders in Grand Rapids require appraisals?
With most hard money lenders in Grand Rapids, the loan to value (LTV) is determined through an appraisal or a broker opinion of value. Some lenders do offer in house valuations, which eliminate the need for a third party appraisal.
What is hard money in Grand Rapids MI?
Hard money loans in Grand Rapids are loans secured by real estate used to purchase or rehab that piece of property.
These short term loans are used to purchase and/or rehab residential or commercial properties. They’re usually more expensive than traditional loans but can be closed faster and oftentimes with less credit requirements.