Who are the Best Hard Money Lenders in Wichita 2023?
Finding the best hard money lenders Wichita is important to your investing success. Whether you’re looking for a fix and flip loan or a BRRRR strategy, a bad hard money loan can set you back thousands of dollars. On the other hand, a good hard money loan from Wichita’s top providers will give your business buying power and allow for exponential growth in less time than any other source of financing available out there.
Wichita has a limited selection of local private money lenders. With that said, there are several national lenders who are available to loan throughout Wichita. Rates on hard money loans issued to Wichita investors average a standard 10-11% with an average loan amount around $108.5k. The median loan term is around 6-12 months. The mean hard money loan includes origination fees in the 2-3% range with standard LTV averages around 70-75%.
Here’s our short list of the top 3 Best Hard Money Lenders in Wichita:
- Hard Money Man
- Bridgewell Capital
- Longhorn Investments
Top 3 Best Hard Money Lenders Wichita KS
1. Hard Money Man
Hard Money Man LLC is a New Jersey based Wichita hard money lender. They’re a national lender but they loan to many Kansas citiess. 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
2. Bridgewell Capital
Bridgewell Capital is a hard money lender based in Orlando who offers hard money loans in Wichita and much of Kansas. 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
3. Longhorn Investments
Longhorn Investments is a quality national hard money lender based in Dallas that lends to many Kansas cities including Wichita. They were formed in 2008 and have funded thousands of loans since inception. They also offer complementary services incincluding title work and real estate law. They have programs for rehab fix and flips and also longer term rental properties.
Here are more details:
- Starting at 11.99% interest only payments (depends on deal and location)
- Starting at 2.99 points origination (depends on deal and location)
- Appraisal Fee: $425 – $550 (dependent upon location and independent appraiser’s fee)
- Draw Inspection Fee
- Loan Documents: $475
- Loan Admin Fee: $500
- Credit Report Fee: $40 ($45 for Joint)
- Monthly Servicing Fee: $15
- LTV up to 75%
Best Hard Money Loans Wichita FAQ
Who is the best hard money lender in Wichita?
Here’s our short list of the top 3 Best Hard Money Lenders in Wichita:
- Hard Money Man
- Bridgewell Capital
- Longhorn Investments
What do Wichita hard money lenders charge?
Hard money loan rates in Wichita range from 10 percent to 11 percent for shorter and mid range terms. Most hard money lenders also charge points or origination fees on a loan ranging from 2-3%.
Do Hard Money Lenders in Wichita require appraisals?
Many hard money lenders in Wichita will require an appraisal.
What is hard money in Wichita?
Hard money loans in Wichita are short term loans secured by real estate. These loans are used to purchase and/or rehab residential or commercial properties. They’re more expensive than traditional bank loans but can be closed faster and with less credit requirements.
