NV Capital Corporation provides hard money investment property loans in Las Vegas. If you don’t qualify for conventional funding or need to make a purchase immediately, you may qualify for a hard money loan to buy commercial or residential income property. Find out more about this loan type, what you can use it for, and how to get one.
What Is a Hard Money Loan?
Hard money loans are non-conforming loans that you obtain from private lending companies. Instead of relying mainly on your credit and financial standing, hard money lenders accept the real estate as collateral against the borrowed amount.
How Do You Secure A Hard Money Loan?
You secure a hard money loan with an asset, typically the property itself. This decreases the risk to the lender. Although the requirements for this type of real estate funding are not as strict as traditional bank mortgages in Las Vegas, lenders will still take your credit history into account.
Factors Affecting Loan Qualification
Here are some of the most important factors in determining whether you qualify:
- Value Of The Real Estate Used To Secure The Loan
- Track Record Flipping Homes Or Renting Them Out
- Debt-To-Income Ratio
- Credit Score
Who Uses Private Lending For Real Estate Investments?
Typically, you apply for hard money loans when you fail to obtain approval for traditional, conforming bank mortgages. As an investor, you may also seek private funding when you need to buy fast – to secure an investment quickly. That’s because traditional real estate funds usually take much longer to process.
What Can This Investment Property Lending Be Used For?
- Flipping A House. Buying a low-cost property, fixing it up, and reselling it can often result in a tidy profit. You may choose to apply for a hard money loan to pay for the renovations and pay it back when you sell the property.
- Rental Property. Many investors buy condos, townhouses, and single-family homes for rental income. Hard money loans can help you get the property ready for resale or cover the cost of the property.
- Commercial Property. Some investors prefer commercial property, which comes with a higher price point. Therefore, you may seek a hard money loan to pay for improvements before reselling it or renting it out to commercial tenants.
Apply For A Hard Money Investment Property Loan?
NV Capital Corporation specializes in private lending and consists of multiple lenders dedicated to providing funding for Nevada real estate investments. Our team is committed to providing the confidence and support our clients need to realize their investment goals.
Contact us today to speak with a representative and apply for hard money loans in Las Vegas, NV.