Who are the Best Hard Money Lenders in Washington?
Finding the best hard money lenders Washington 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. Washington hard money lenders can give you the buying power you need to secure more deals and bigger deals.
Washington doesn’t have a great selection of lenders and is one of the more expensive in terms of points. Loan amounts average around $189k. Rates for private loans average 11%. The average loan made in Washington has a length of 6-12 months. The mean loan includes a 4-5 point origination fee. Lenders typically offer a 70% loan-to-value on hard money loans in Washington.
Here’s our short list of the top 4 Best Hard Money Lenders in Washington:
- Juniper Capital
- Veristone
- InTrust Fundin
- Hard Money Man
Top 4 Best Hard Money Lenders in Washington
1. Juniper Capital
Juniper is a hard money lender based in Issaquah WA. They offer a full range of loan programs including fix and flip loans,, construction loans, commercial loans and more. They have an excellent Google profile and a solid website. They also have very competitive rates from 7%.
Here is more info about their loan programs:
- Rates: 7-11% interest only
- Fees: 1.5 – 4 points
- Loan amounts: $200,000 up to $20,000,000
- Terms: 6 months to 3 years with no prepayment penalty
- Recourse: Negotiable
- Lien position: 1st
- Property types: All property types except for owner-occupied residential
- Quick closings: 5-7 business days
2. Veristone
Veristone is a private, nonbank, lending source for borrowers looking to capitalize on investment opportunities in the real estate market. Veristone provides short-term loans to developers, builders and real estate professionals based on the asset value of the property within days of submittal. They aare highly rated on Google and have a very organized website.
Here’s more about their loan programs:
- Loan terms from 1 month to 24 months
- Up to 80% LTV
- Finance up to 100% of rehab funds
- Cross collateralization available
3. InTrust Funding
Intrust Funding is a private money lender for real estate investors in Washington state. Known for their hard money loans in Seattle, Tacoma, Spokane, and neabry, real estate investors have grown to trust their process. They are highly rated on Google and offer a good selection of loan programs.
They don’t provide their rates but here is some other basic info about their loans:
- No Prepayment Penalty
- No Minimum Credit Score
- Up to 90% LTV
- 5-12 Month Terms
4. 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
Best Hard Money Lenders Washington FAQ
Who is the best hard money lender in Washington?
Here’s our short list of the top 4 Best Hard Money Lenders in Washington:
- Juniper Capital
- Veristone
- InTrust Fundin
- Hard Money Man
What do Washington hard money lenders charge?
Hard money loan rates in Washington average 11 percent for most fix and flip and shorter term loans. Many hard money lenders in Washington also charge points or origination fees on a loan that range from 4-5 percent.
Do Hard Money Lenders in Washington require appraisals?
With most hard money lenders in Washington, 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 Washington?
Hard money loans in Washington 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.
