At NV Capital Corporation in Las Vegas, we provide REO loans to passionate investors looking to quickly turn a profit on distressed properties. If you’re looking for a lender to fund your real estate investment dreams, look no further. Whether you need funding for a foreclosure or short sale, we’re ready to help.
Types Of REO & Distressed Properties
Distressed property lending can give you the cash you need to take advantage of a great deal. There are three categories of investment property to consider.
- Real estate owned or REO properties are currently in foreclosure or didn’t sell at auction. They are also called bank-owned.
- Foreclosures become available for sale when the owner defaults on the mortgage.
- Short sales often sell for lower than the market rate under an agreement negotiated by the lender and owner.
What if you come across a great deal and don’t have the funds to pounce on it?
Getting The Funds To Pay For An Investment Property
Distressed property loans differ significantly from flip and fix loans. With a distressed property, you want to fix it up just enough to resell it at a profit, pay off what you borrowed, and walk away with your money.
So, where do you look for investment money for a distressed or bank-owned property?
You can approach banks and other institutions for short sale loans or foreclosure loans, but that can take some time, and they may have stringent requirements such as requesting collateral to back up distressed property loans.
Private money lending may hold the key to getting the cash you need to purchase distressed residential or commercial real estate.
Benefits Of Private Money Loans
At NV Capital Corporation, we want to support new investors looking to get into real estate. We’re just as happy to finance the dreams of seasoned residential and commercial real estate investors.
Here are just some of the advantages of dealing with a hard money lender:
- Fast Turnaround Times. You may receive your money within 7 to 10 days.
- Loan Size. Were prepared to lend you $50,000 to $20 million. Our criteria for the amount you can borrow depends on other factors that commercial lenders don’t take into account.
- Short Loan Terms Available. Most hard money loans are paid off within one to four years.
- Higher Loan-To-Value Ratio. You can borrow up to 70% of the property’s current value.
Some borrowers get approval the same day they hand in the application. Real estate types available for foreclosure loans include single-family, multifamily, and commercial buildings.