Because of the shorter and simpler process, a hard money lender like hard money lenders in Washinton DC can get you a fast same day pre-approval and then close in as little as 3 days.
A bank or traditional lender takes weeks or months to process your request and get you the funding you need—if they approve it at all. Even waiting to find out if you have been approved can use up precious time and cause you to miss your opportunity.
Unlike banks and traditional lenders, there is not a lot of paperwork or hassle. It is a simplified, streamlined process. This is particularly true with Walnut Street Finance because before we were lenders, we were builders & developers. So we know what a hassle it can be to get a loan and jump through hoops. Our goal as a lender to make it as easy as possible so financing doesn't hold up your projects.
It is not a long term loan. Think of it as a bridge loan—it gets you from the place you are now to a point where you can complete the project, so you can move on to the next one. Typically, a hard money loan from us will have a 6 month to 24 month term, depending on the type of project.
This is perhaps the most important thing to know when you are researching ‘what is hard money lending?’ Private lenders are always available to fund smart, well-thought out and professionally prepared projects. When banks aren’t lending, we are.
So what are hard money loans used for?
- Fix and Flip Projects
- Acquisition of an Investment Property
- Construction or Rehab Projects for Investors
- Rehab to Rent Projects
- Refinance Investment Properties
- Bridge Loans on Investment Real Estate Projects
In case you didn't realize it, Walnut Street Finance does NOT lend to individual home owners on properties that are their primary residence. Hard money lending is not a traditional mortgage loan.