Hard Money Lenders in Western Washington

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Hard Money Loans

What is a Hard Money Loan?

Hard money loans are short-term lending instruments used by real estate investors to finance investment projects. Its purpose is to allow an investor to get a property ready as quickly as possible. They provide quick cash for time-sensitive projects.

What is a Hard Money Lender?

Because hard money lenders are not banks, hurdles set up by federal regulations or restrictive bank overlays are not factors in your hard money loan application. Intrust funding as a private money lender, consequently, will not pay too much attention to your credit history or how much debt you have when assessing qualifications for hard money loans. In fact, the property you own is the asset that backs the loan. This is because hard money lenders are only interested in the value of the property. Typically, you can expect the loan to fund in a few days. In comparison, a traditional mortgage loan for an income property might take from one to three months.

Intrust Funding Hard Money Lender

The Advantage of Partnering with Hard Money Lenders

Intrust Funding Is Washington State’s Proven Hard Money Lender

In tougher markets like Seattle, Bellevue, and Tacoma, with multiple offers on every potential investment property, the use of a hard money loan gives you the advantage of presenting all cash offers for fast closings. Hard money loans also allow you to get into the property for less money and the opportunity to create value through the rehab process. Once you build equity through the rehab process your down payment requirements on your “take-out loan” are less because the loan to value (LTV) is less, which enables you to do more deals and ultimately build wealth, faster.

No Hurdles for Intrust Funding’s Hard Money Loan Programs

Intrust Funding will only require a credit report and bank statement to evaluate and pre-approve you for hard money loans.

Quick Facts about Intrust Funding’s Hard Money Loan Programs

  • Up to 90% Loan-to-Value
  • First Loan Draw within 48 Hours of Closing
  • Loan amounts: $50,000 – $7,000,000*
  • No limit on the number of properties
  • Residential, small multi-family, and small commercial
  • Loans are available to individuals, trusts, corporations, and limited partnerships
  • Property must be non-owner occupied

*Loan amounts, terms, and conditions are negotiable on a case-by-case basis.

How Hard Money Lenders Evaluate Deals
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How Hard Money Lenders Evaluate Deals

Many lenders, Intrust Funding included, refuse to finance investment properties that they do not believe will be successful. In the instance that an investor is rejected because of the property, it is a good idea for the investor to either request a second opinion or not purchase the property at all. While it may seem preferable to get a second opinion, the lenders that advise against purchasing a property are working in your best interest and are not interested in attaining your collateral, but rather in funding a successful deal.

Frequently Asked Questions for Seattle’s Best Hard Money Lenders

1. What type of hard money loan programs do you have that would be a good fit for this project?

Intrust Funding has a bridge loan where you pay for the rehab out of pocket, and a rehab loan where we fund the purchase price and rehab. Hard money loan rates and terms are dependent on the length and scope of the project.

2. What does your construction draw process look like?

After your property closes you are eligible for your first draw the next day, no inspections required, no hassles, complete a predetermined portion of the work, send us 15 pictures and you’re eligible for you next draw and we can wire that to your account, mail it or pick up at our office.

3. When will you have an answer on whether or not you can fund a hard money loan?

Our underwriter will typically have an answer within one business day, which then needs final approval from the management group.

4. What is the soonest that we will be able to close on the property?

Typically, within 3 business days of loan origination date if everything goes smoothly.

5. What are you underwriting guidelines? How much consideration do you give to the property rather than my personal investment history, and credit score?

The potential value of the property is given far more weight for real estate hard money lenders than the borrower or their investment history.

6. Do you count assignment fees as part of the hard money loan basis that may be added into the purchase price?

Of course, an assignment fee is similar to a commission and so we lend on the total purchase price, assignment fees included.

7. Can you provide me with a good faith estimate of what my hard money loan looks like and compare this to other loans?

Yes, we can always do compare your loan against our different loan programs and if you have other terms from a competing lending firm we would be happy to compare so you can make an educated decision.