Who are the Best Hard Money Lenders in Rochester MN?
Finding the best hard money lenders Rochester 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. Rochester hard money lenders can give you the buying power you need to secure more deals and bigger deals.
Rochester MN doesn’t have many hard money lenders with strong profiles. Loan amounts average around $196k. Rates for private loans average 11%. The average loan made in Rochester has a length of 6-12 months. The mean loan includes a 3-4 point origination fee. Lenders typically offer a 65-70% loan-to-value on hard money loans in Rochester.
Here’s our short list of the top 4 Best Hard Money Lenders in Rochester:
- Main Source Capital
- Renovo Capital
- Capitaal Lending Group Inc.
- Stratton Equities
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Top 4 Best Hard Money Lenders in Rochester 2023
1. Main Source Mortgage
Main Source Mortgage is a Rochester MN based private money lender. They don't have a lot of history on Google, but their website is very solid and they detail their loan offerings well.
Here is an overview of their hard money loans:
- 90% Purchase, 95% Rehab
- Up to 75% ARV
- Nationwide Rental Loans
- Investor Portfolio Loan
- Investor Line of Credit
- Purchase or Refinance (Blanket Loans)
- Bridge Loans
- 1-4 Units Non-Owner
- Stated Income and No Doc
- No Appraisal Loans
2. Renovo Capital
Renovo Capital is a Minnesota hard money lender based in Wayzata. They have a solid Google profile and a professional website.
Here's more about their fix and flip terms:
- Up to 70% of the ARV
- No monthly interest payments
- 2-point origination fee
- 8-month maturity
- Interest fees starting at 9%
#3. Capital Lending Group Inc
Capital Lending Group, Inc. provides private money loans to real estate investors for the acquisition and renovation of single family homes in the Minneapolis/St. Paul Area.
They don’t have a lot of activity on their Google profile, but they’ve been in the industry since 2001!
Here’s more about their loan terms:
- Interest: 9.99%-15.99%
- Loan term: 1 year
- Discount points: 3.5% – 5 % ($4000.00 minimum)
- Prepay penalty: None
- Payments: Interest only monthly
- Down payment: 10% – 20% of project cost
4. Stratton Equities
Stratton Equities is the leading Nationwide Direct Hard Money & NON-QM Lender that specializes in fast and flexible lending processes. Our team is owned and operated by experienced Real Estate Investors providing a reliable and knowledgeable team to help all Real Estate investors succeed.
Our 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 Rochester FAQ
Who is the best hard money lender in Rochester?
Here’s our short list of the top 4 Best Hard Money Lenders in Rochester:
- Main Source Capital
- Renovo Capital
- Capitaal Lending Group Inc.
- Stratton Equities
What do Rochester hard money lenders charge?
Hard money loan rates in Rochester range from 10 percent to 11 percent for most fix and flip and shorter term loans. Many hard money lenders in Rochester also charge points or origination fees on a loan that range from 3-4 percent.
Do Hard Money Lenders in Rochester require appraisals?
With most hard money lenders in Rochester, 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 Rochester?
Hard money loans in Rochester 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.
