Who are the Best Hard Money Lenders in Maine in 2023?
Utilizing the best hard money lenders Maine is crucial to your real estate investing success. Whether you’re new to real estate or are much more experienced, your hard money loans can end up costing you thousands of dollars in profit. Whether you’re working on a fix and flip rehab project or coordinating a BRRRR strategy, a bad hard money loan can set you back a ton of money. On the flip side, hard money loans can provide the financing you need to make a deal possible. Maine hard money lenders can give you the buying power you need to secure your deal.
Maine doesn’t have much of a selection of hard money lenders, but there are a few nearby and nationally lending in Maine. Loan amounts average around $209k. Rates for private loans average 12-13%. The average loan made in Maine has a length of 6-12 months. The mean loan includes a 2-3 point origination fee. Lenders typically offer a 70-75% loan-to-value on hard money loans in ME.
Here’s our short list of the top 4 Best Hard Money Lenders in Maine:
- T&M Commercial Lending
- Select Realty Capital
- Stratton Equities
- New Silver
Top 4 Best Hard Money Lenders in Maine in 2023
1. T&M Commercial Lending
Our fist ME hard money lender is T&M Commercial Lending. T&M hasa aa solid Google profile and a strong team to asssist with your loan process. They’re currently lending on all commercial and non-owner occupied residential real estate.
Here is some more info about their loan programs:
- No upfront Fees
- No prepayment penalty fees
- 1-4 year interest only loans
- Loan amounts 25k-1M
- Common Sense Underwriting
- Cash-out Refis, Purchases, Cross collaterization, Rehab & more
#2. Select Realty Capital
Next up is Select Realty Capital. Their Google profile is still very new but they have a professional website and their heaadquarterd right in Portland. Select Realty Capital provides borrowers with immediate access to short and intermediate term commercial loans. Select serves a growing need for borrowers seeking creative, situational financing within a tight timeframe to fund acquisition, rehab, construction, and commercial projects.
Here’s more about their process:
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Loan Size – $30,000 – $4 Million
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Loan Terms – 6 – 12 Months
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Payments – Interest Only
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Origination Fee – Typically 3%
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Loan to Value – Up to 70%
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Closings – 5-7 Business Days
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Security – Secured First Mortgage
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Underwriting – Collateral based lending, loans are not credit driven
#3. Stratton Equities
Stratton Equities is the leading Nationwide Direct Hard Money & NON-QM Lender that specializes in fast and flexible lending processes. Their team is owned and operated by experienced Real Estate Investors providing a reliable and knowledgeable team to help all Real Estate investors succeed.
Their Hard Money and Direct Private Money loan programs support the following investment projects:
- Fix and Flip
- Cash Out – Refinance
- Fixed Commercial Loans
- Commercial Bridge Loans
- Bridge Loans
- Stated Income/No-Income Verification Loans
- Rental Loans
- Foreclosure Bailout Loan
- NO-DOC
- Blanket Loans
- Fixed Rental Programs
- Multi-Family Loan
#4. New Silver
Our final Maine hard money lender is New Silver. They’re a national lender but they have a great track record and lend throughout Maine.
Here are some details on their fix and flip loans:
- Get up to $3,000,000
- Interest rate 6.99-9.5%
- Origination fee from 1.875%
- Up to 100% construction
Best Hard Money Lenders Maine FAQ
Who is the best hard money lender in Maine?
Here’s our short list of the top 4 Best Hard Money Lenders in Maine:
- T&M Commercial Lending
- Select Realty Capital
- Stratton Equities
- New Silver
What do Maine hard money lenders charge?
Hard money loan rates in Maine avergae 12-13 percent for most fix and flip and shorter term loans. Many hard money lenders in Maine also charge points or origination fees on a loan that range from 2-3 percent.
Do Hard Money Lenders in Maine require appraisals?
With most hard money lenders in Maine, 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 Maine?
Hard money loans in Maine 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.
Our Maine City Guides
Here are some in depth hard money guides for cities throughout Maine:
- Best hard money lenders Portland Maine
- Best hard money lenders Bangor Maine
- Best hard money lenders Lewiston ME
