Who are the Best Hard Money Lenders in Portland ME?
Finding the best hard money lenders Portland Maine is critical 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 if you aren’t careful. 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 thousands and thousands of dollars. On the flip side, hard money loans can provide the financing you need to make a deal possible. Portland hard money lenders can give you the buying power you need to secure your deal.
Portland has several reputable hard money lenders offering loans within the city. Loan amounts average around $298k. Rates for private loans average 10-11%. The average loan made in Portland 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 Portland ME.
Here’s our short list of the top 4 Best Hard Money Lenders in Portland:
- T&M Commercial Lending
- Select Realty Capital
- New Silver
- Stratton Equities
Top 4 Best Hard Money Lenders in Portland ME
1. T&M Commercial Lending
Our fist Portland 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 fresh but they have a professional website and their heaadquarterd right in Portland. Headquartered in Portland, Maine, 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. New Silver
Our next Portland ME 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
#4. 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
Best Hard Money Lenders Portland Maine FAQ
Who is the best hard money lender in Portland ME?
Here’s our short list of the top 4 Best Hard Money Lenders in Portland ME:
- T&M Commercial Lending
- Select Realty Capital
- New Silver
- Stratton Equities
What do Portland hard money lenders charge?
Hard money loan rates in Portland range from 10 percent to 11 percent for most fix and flip and shorter term loans. Many hard money lenders in Portland also charge points or origination fees on a loan that range from 2-3 percent.
Do Hard Money Lenders in Portland require appraisals?
With most hard money lenders in Portland, 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 Portland?
Hard money loans in Portland 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.
