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When Should You Consider A Hard Money Loan?


When Hard Money Makes Sense

If you have both the time and ability to qualify for a conventional loan, NWPL will always encourage you towards this path.  However, there are a few reasons why many people select the private lending path for their rehab financing, fix and flip financing, or other alternative financing needs.

  • Time – If closing quickly is the highest priority, securing a hard money loan might be the right choice for you. For example: Purchase and sale deadline, competitive offers, bank foreclosure sale, auction, or quick access to funds for another investment.
  • Reduced purchase price – Whether a pocket listing or bank-owned sale, a cash offer or the ability to close in less than 10 days can be required, preferred, or can get you a lower price.
  • If the property is not lendable through conventional banking – Many times a great rehab project is in a state considered not lendable by most conventional banks.
  • You can’t qualify – NWPL is a collateral-based lender whose primary focus is on ability to repay and a strong exit strategy. Debt to Income, FICO, and W2 income are not standard requirements for our loans.

From refinancing to real estate purchases, our team of trusted professionals go the extra mile to ensure that every loan we issue is a win/win for our clients. For example, we welcome you to pay your loan early. The sooner you pay us off, the more successful you can be in your rehab, fix and flip, or investment. We have no intention to nickel and dime our customers with extra points or fees for pre-payment or extensions. Extension requests on performing loans as well as early payoffs are accepted with no cost.

In the end, the primary value of a Hard Money loan is the speed and ease in which you can have access to capital.  If having quick access to capital allows the real estate investor to make a profitable investment, then Hard money can absolutely be a great resource.  An investor’s exit strategy, (how the investor is going to pay off the loan) be a key factor in considering this loan type.  In most cases, the sale of the property once a profit has been made or the refinance of the property with a conventional loan are the most common exit strategies for real-estate investor.

Northwest Private Lending Inc NMLS # 1522364 // ML # 5496 is based in Portland, Oregon. NW Private Lending is an Equal Opportunity Hard Money Lender. We provide quick acess to capital for borrowers, real estate agents and mortgage brokers in Oregon and Washington. NW Private Lending is a collateral based lender focusing on bridge loans, fix and flip or rehab loans, commercial loans and non-owner occupied real estate investment properties.

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