Who are the Best Hard Money Lenders in Wilmington DE?
Finding the best hard money lenders Wilmington is critical to your investing success. Whether you’re new to real estate or seasoned investor, your hard money loan can eat up a ton of profit margin. 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 can provide the financing you need in less time than any other source of financing. Wilmington hard money lenders can give you the buying power required to scale your business and profit.
Wilmington has a very limited selection of local private money lenders. With that said, there are several national lenders who are available to loan throughout Wilmington. The average home money loan in Wilmington is about $173k. Rates on hard money loans issued to Wilmington investors average a standard 10-11%. 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%.
Here’s our short list of the top 5 Best Hard Money Lenders in Wilmington:
- Hard Money Man
- Civic Financial Services
- Lima One Capital
- Bridgewell Capital
- Lending One
Top 5 Best Hard Money Lenders Wilmington 2023
1. Hard Money Man
Hard Money Man LLC is a New Jersey based private money lender. They’re a national lender 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. Civic Financial Services
Our next Wilmington 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 days
Speed in the loan process from start to finish. Excellent rep support; Processing, UW and Closers are great to work with.
– Danny A.
3. Lima One Capital
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.
4. Bridgewell Capital
Bridgewell Capital is a hard money lender based in Orlando who offers hard money loans in Wilmington. 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
5. Lending One
LendingOne is a Wilmington private money lender offering short-term mortgage loans to real estate investors round the country. They offer a variety of loans including property purchase, refinance, equity cash out and more.
LendingOne bridge loans can provide the leverage on both your purchase and repairs that you need to grow your real estate portfolio. Benefits include:
- Up to 90% of your Purchase and Repairs
- Receive Financing in as little as a week
- Up to 24 months interest only terms
- No pre-payment penalty
Best Hard Money Loans Wilmington FAQ
Who is the best hard money lender in Wilmington?
Here’s our short list of the top 5 Best Hard Money Lenders in Wilmington:
- Hard Money Man
- Civic Financial Services
- Lima One Capital
- Bridgewell Capital
- Lending One
What do Wilmington hard money lenders charge?
Hard money loan rates in Wilmington 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 Wilmington require appraisals?
Many hard money lenders in Wilmington will require an appraisal.
What is hard money in Wilmington?
Hard money loans in Wilmington 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.
