Who are the Best Hard Money Lenders in Oklahoma?
Finding the best hard money lenders Oklahoma is critical to your real estate investing career. Whether you’re a new real estate investor or you’ve completed several deals, your hard money loans can end up costing you thousands of extra dollars if you aren’t careful. A bad hard money loan can set you back thousands and thousands of dollars. This can be avoided if you know how to approach a hard money lender the right way. On the flip side, hard money loans can provide the financing you need to make a deal possible in the first place. Oklahoma hard money lenders can give you the buying power you need to secure more deals and bigger deals.
Oklahoma doesn’t have a great selection of lenders. Loan amounts average around $109.9k. Rates for private loans average 9-13%. The average loan made in Oklahoma has a length of 6-12 months. The mean loan includes a 2-4 point origination fee. Lenders typically offer a 70-75% loan-to-value on hard money loans in Minnesota.
Here’s our short list of the top 3 Best Hard Money Lenders in Oklahoma:
- American Land and Capital
- Hard Money Partner
- Local Lending Oklahoma
Top 5 Best Hard Money Lenders in Oklahoma 2023
1. American Land and Capital
Amerrican Land and Capital loans money to investors who buy, fix & flip houses. These loans are short term rehab loans. They take a first position mortgage (or deed of trust) as collateral. Landlord investors may also borrow to buy, fix & refinance.
- New customers must payoff the first loan with RMAC Lending before qualifying to do multiple loans
- Financing up to 70% ARV
- Up to 100% of repairs can also be financed
- Maximum Loan Amount = $500,000
- Minimum Loan Amount = $50,000
- Minimum Origination Fee = $3,500 ($1,750 in OKC)
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Interest Rate = Range of 13% to 15% per annum** (11.5% to 13.5% in OKC)
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Origination Fee = 5.0% (3.5% in OKC)
2. Hard Money Partner
Hard Money Partner is a local hard money lender offering hard money loans to cities in Oklahoma. They come highly rated on Google. HMP offers rehabs loans primarily.
Their process is known to be fast and their rates are very competitive.
3. Local Lending Oklahoma
We don’t normally put Google sites on the list as they typically come and go overnight. Local Lending Oklahoma has too many good reviews to ignore. With over 30 5 star reviews, they’re one of the highest rated hard money lenders in Oklahoma.
They offer loan programs for fix and flips and more.
Best Hard Money Lenders Oklahoma FAQ
Who is the best hard money lender in Oklahoma?
Here’s our short list of the top 3 Best Hard Money Lenders in Oklahoma:
- American Land and Capital
- Hard Money Partner
- Local Lending Oklahoma
What do Oklahoma hard money lenders charge?
Hard money loan rates in Oklahoma range from 10 percent to 13 percent for most fix and flip and shorter term loans. Many hard money lenders in Oklahoma also charge points or origination fees on a loan that range from 2-4 percent.
Do Hard Money Lenders in Oklahoma require appraisals?
With most hard money lenders in Oklahoma, 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 Oklahoma?
Hard money loans in Oklahoma 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.
