Who are the Best Hard Money Lenders in Iowa 2023?
Finding the best hard money lenders Iowa 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 Iowa’ 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.
Iowa doesn’t have a huge 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 Iowa investors average a solid 10-11% with an average loan amount around $114k. 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 4 Best Hard Money Lenders in Iowa:
- Diversified Commercial Funding
- Opportunity Business Loans
- Atlas Alternative Finance
- Splice Funding Solutions
Top 4 Best Hard Money Lenders Iowa
1. Diversified Commercial Funding
Diversified Commercial Funding doesn’t have a lot of feedback on their Google profile, but they offer a wide array of loan options and have great terms.
Here’s some more info about their fix and flip loan:
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Available to first time flippers
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No upfront fees
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No Income Verification & We don’t need Tax Returns
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600 Minimum FICO
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Purchase Price – $50,000 minimum
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No Prepayment Penalties or Exit fees
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Fast Closings – 2-3 week closings.
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Interest Only payments
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Borrow 90% of purchase and 100% of rehab (Newer flippers will be offered slightly lower loan amounts)
Condos, Townhouses, single family and 1-4 family houses qualify.
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.
4. Splice Funding Solutions
Splice Funding Solutions is a full service loan lender specializing in the arranging, placement, funding, and brokering of commercial loans nationwide. They offer consulting services to entities or individuals looking to arrange financing for a broad range of commercial projects. They don’t ask for any type of commitment or due diligence fee upfront either!
Here’s more info about their loan program:
- Owner occupied or Investor
- Adjustable or fixed (15 & 30 yr)
- Up to 30 year amortization
- Up to 80% Loan to Value
- 1st or 2nd Lien
- No income verification programs available
- Bridge Rehab (Fix n Flip) programs
- No minimum FICO
Best Hard Money Loans Iowa FAQ
Who is the best hard money lender in Iowa?
Here’s our short list of the top 4 Best Hard Money Lenders in Iowa:
- Diversified Commercial Funding
- Opportunity Business Loans
- Atlas Alternative Finance
- Splice Funding Solutions
What do Iowa hard money lenders charge?
Hard money loan rates in Iowa average 10% 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 Iowa require appraisals?
Many hard money lenders in Iowa will require an appraisal.
What is hard money in Iowa?
Hard money loans in Iowa 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.
Our Iowa City Guides
Here are some in depth hard money guides for cities throughout Iowa:
