Who are the Best Hard Money Lenders in Pennsylvania in 2021?
Finding the best hard money lenders Pennsylvania is very important to your real estate profit. 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. A bad hard money loan can cost you thousands and thousands of dollars. On the flip side, a good hard money loan can provide the financing you need to make a deal possible and profitable. Pennsylvania private money lenders can give you the buying power you need to secure your deal.
Loan amounts average around $170k. Rates on loans made to Pennsylvania real estate investors average 12-13%. Most hard money loans average between 6-12 months. The average note includes a 3-4 point origination fee and the LTV offered for loans in Pennsylvania is between 75-80%.
Here’s our short list of the top 4 Best Hard Money Lenders in Pennsylvania:
- Direct Mortgage Loan Company
- Rehab Financial Group
- Hard Money Man
- Civic Financial Services
Top 4 Best Hard Money Lenders Pennsylvania
1. Direct Mortgage Loan Company
DMLC is one of the highest rated hard money lenders in all of Pennsylvania. They are a private lender specializing in fixed-rate bridge financing for real estate investors and developers. They try to keep the process as efficient as possible. They serve Philadelphia and the surrounding counties exclusively.
They offer loan programs for lends on land, rehabs, and new construction.
2. Rehab Financial Group
Rehab Financial Group has an excellent Google profile and a quality website. They offer a full array of loan programs and have excellent reviews. RFG has 50 years of real estate and lending experience. They believe in matching you with the loan that best meets your specific needs.
Here’s more about their rehab loans:
- Get 100% of purchase and rehab funds, up to 70% of ARV.
- Term: 4, 8 or 12-month loan
- Interest: As low as 9.99%
- Loan Amount: $50k – $1M
- Points: As low as 2.0%
3. Hard Money Man
Hard Money Man LLC is a New Jersey based private money lender. They’re a national lender but they’re based righti n New Jersey. 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
4. Civic Financial Services
Our next hard money lender is CIVIC Financial Services. CIVIC is a best-in-class real estate lender that provides fast and simple financing to real estate investors. Whether the intention is to buy a single-family home to flip, to leverage an existing portfolio of rental homes to hold long term, or to acquire multifamily real estate for cash flow, they have a focused team and set of products that empower investors to build wealth through real estate.
Here’s some more info about their loan program:
- Up to 80% LTV
- Rehab financing available up to 100%
- 5/1 Arm starting at 4.99%
- 1 year bridge starting at 6.99%
- $100K-7.5M loan amount, higher on case-by-case basis
- SFRs, condos, townhomes, and 2-100 unit properties
- Experienced borrowers & new investors welcomed
- No personal income verification
- Closings in 7-12 business day
Best Hard Money Loans Pennsylvania FAQ
Who is the best hard money lender in Pennsylvania?
Here’s our short list of the top 4 Best Hard Money Lenders in Pennsylvania:
- Direct Mortgage Loan Company
- Rehab Financial Group
- Hard Money Man
- Civic Financial Services
What do Pennsylvania hard money lenders charge?
Hard money loan rates in Pennsylvania range from 12 percent to 13 percent for most fix and flip and shorter term loans. Many hard money lenders in Pennsylvania also charge points or origination fees on a loan that range from 3-4 percent.
Do Hard Money Lenders in Pennsylvania require appraisals?
With most hard money lenders in Pennsylvania, the loan to value (LTV) is determined through an appraisal or a broker opinion of value.
What is hard money in Pennsylvania?
Hard money loans in Pennsylvania 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.
