Who are the Best Hard Money Lenders in St Louis?
Finding the best hard money lenders in St Louis MO 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 don’t choose carefully. A bad hard money loan can set you back thousands and thousands of dollars in profit. On the flip side, hard money loans can offer the financing you need to make a deal possible. St Louis hard money lenders can give you the buying power you need to make your deal happen.
We found several private money lenders with good reviews and strong websites offering loans in Saint Louis, MO. The median note issued rnaged quite a bit, from 100k-300k. Interest rates on private loans issued to Saint Louis borrowers average 10-12%. The average term offered for notes is 6-12 months. The average origination percentage charged on the loans is 3-4%. Lenders in St Louis average a 76% LTV on their deals.
Here’s our short list of the top 6 Best Hard Money Lenders in St Louis:
- Faster Funds Lending
- 4MyCash
- Bayard Business Capital
- Longhorn Investments
- One West Lending
- Guild Mortgage Company
The Top 6 Best Hard Money Lenders in St Louis
1. Faster Funds Lending
Faster Funds Lending wants their borrowers to have some experience in real estate or construction. They typically look for the following:
- Landlords who are looking to buy a house at a discount, fix up the property, and refinance the house out with a long term loan in 6 months or less.
- Rehabbers who do most if not all the work themselves and have a clear vision for which areas they want to work in OR rehabbers who have a full-time job but use their own funds to pay for the rehab part of the project and act as the general contractor overseeing the project.
- Wholesalers who need to close on a house before shopping it or feel they’ll get more money closing on a property, cleaning it out, and then listing it on the MLS.
2. 4MyCash
4MyCash is a St Louis area hard money lender who has worked in the area since 2006. Their simple process allows investors to get financing in as little as five day.
Here are some of their terms:
- Up to 100% of acquisition cost
- Up to 100% of repair/fix money
- 12% minimum, interest only payments
- 3 points minimum origination fee
- No appraisal fee
- No loan fees
#3. Bayard Business Capital
Bayard is a hard money lender in St Louis who offers bridge loans and hard money. Bayard Business Capital and Consulting can offer your real estate business $1 million to $100 million with rates from 9 percent to 14 percent. Their rates are based on collateral, including real estate, raw land and development projects.
Some of their terms include:
- Loan-to-value ratios of up to 80 percent
- Origination fees from 1-4 percent
- Interest-only amortization on loans
- Turnaround as fast as five days to 30 days
- Funding for both national and international clients
#4. Longhorn Investments
If you are flipping or renting in the St. Louis area, Longhorn is a reliable hard money option. They’re hard money lending product makes it possible for investors to maximize real estate investment opportunities in the St Louis area.
Here are some of the terms:
- Up to 75% ARV (excluding points and fees)
- Finance up to 100% of Cost
- Close in 3-5 Business Days
- No W-2’s, Tax Returns, or Pay Stubs Required
- First Time Investors Encouraged
#5. One West Lending
One West is a trusted real estate source headquartered in St. Louis, Missouri. They’re experts at renovation loans, purchasing residential and commercial properties, and direct private lending.
One West is private lender based in Saint Louis, MO. They offer loans throughout the St Louis area. Their lending focus is primarily on buy and hold loan real estate. They will consider various lending scenarios but mainly focus on single family residences.
#6. Guild Mortgage Company
Guild is a more traditional mortgage lender in the St Louis area, but they do offer renovation loans. Their terms are excellent compared to a traditional hard money loan, but the requirements are much more strict.
If your credit score is good and you aren’t on a very tight timeline, Guild may be a great option for a strong loan.
Best Hard Money Lenders St Louis FAQ
Who is the best hard money lender in St Louis?
Here’s our short list of the top 6 Best Hard Money Lenders in St Louis:
- Faster Funds Lending
- 4MyCash
- Bayard Business Capital
- Longhorn Investments
- One West Lending
- Guild Mortgage Company
What do St Louis hard money lenders charge?
Hard money loan rates in St Louis range from 8 percent to 16 percent for most fix and flip and shorter term loans. Many hard money lenders in St Louis also charge points or origination fees on a loan that range from 0-3 percent. It’s also not uncommon for St Louis hard money lenders to charge additional flat fees from $500-1000 which is a little different than many other states and cities.
Do Hard Money Lenders in St Louis require appraisals?
With most hard money lenders in St Louis, the loan to value (LTV) is determined through an appraisal or a broker opinion of value.
What is hard money in St Louis?
Hard money loans in St Louis 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.
