Who are the Best Hard Money Lenders in Tennessee?
Finding the best hard money lenders Tennessee 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. Tennessee hard money lenders can give you the buying power you need to secure more deals and bigger deals.
Tennessee doesn’t have a great selection of lenders. Loan amounts average around $177.2k. Rates for private loans average 10-11%. The average loan made in Tennessee 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 Tennessee.
Here’s our short list of the top 3 Best Hard Money Lenders in Tennessee:
- Lima One
- Civic Financial Services
- Bridgewell Capital
Top 3 Best Hard Money Lenders in Tennessee
1. Lima One
Lima One Capital offers a wide variety of fix and flip (FixNFlip) rehab loans for the real estate investor looking to purchase and rehab an investment property. Their full offering of FixNFlip, Construction, Cash Out, and bridge lending programs provide investors the ability to capitalize on the fantastic real estate opportunities that exist across our entire lending area. At Lima One Capital, they have a passion for real estate and providing the best financing solutions for real estate investors across the country as they pursue their real estate investing goals.
2. 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
3. Bridgewell Capital
Bridgewell Capital is a hard money lender based in Orlando. They offer rehab loans for flips and for rental properties. They also do multifamily loans and commercial loans.
Here are some of their fix and flip loan terms:
- Up to 100% of rehab costs
- Up to 75% ARV
- Closings in 10 days
- Damaged Credit Okay
- No interest on undrawn rehab funds
- No pre-payment penalty
Best Hard Money Lenders Tennessee FAQ
Who is the best hard money lender in Tennessee?
Here’s our short list of the top 3 Best Hard Money Lenders in Tennessee:
- Lima One
- Civic Financial Services
- Bridgewell Capital
What do Tennessee hard money lenders charge?
Hard money loan rates in Tennessee range from 10 percent to 11 percent for most fix and flip and shorter term loans. Many hard money lenders in Tennessee also charge points or origination fees on a loan that range from 3-4 percent.
Do Hard Money Lenders in Tennessee require appraisals?
With most hard money lenders in Tennessee, 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 Tennessee?
Hard money loans in Tennessee 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.
