Hard Money Lenders Virginia: Short-Term LoansExplained
Are you planning your next real estate investment in Virginia and considering a hard money loan? Whether you’re eyeing a fixer-upper in Richmond’s historic districts or a commercial property in Roanoke, hard money lenders offer the quick and flexible financing solutions you need. Hard money loans are particularly beneficial for those dealing with tight schedules, less-than-perfect credit, or unconventional projects. Even if you’re not an investor but need financial support to bridge the gap between buying a new home and selling your current one, we’ve got you covered. This article will explore the ins and outs of hard money lending in Virginia, offering valuable insights to help you determine if this option is the right fit for your real estate ventures or personal home-buying needs. Start Making Offers Without Waiting to Sell Your Home Through our Buy Before You Sell program, HomeLight can help you unlock a portion of your equity upfront to put toward your next home. You can then make a strong offer on your next home with no home sale contingency. Learn More What is a hard money lender? Hard money lenders are private individuals or companies offering short-term, asset-based loans secured by real estate. Unlike traditional lenders, who focus their attention on a borrower’s credit score and income, hard money lenders emphasize the property’s value. They commonly work with real estate investors like house flippers and buyers of rental properties who need fast funding and adaptable terms. These lenders determine loan amounts using the after-repair value (ARV), which is the property’s estimated value after all renovations are completed. They typically lend a percentage of the ARV to reduce risk and ensure they see a return on their investment. Hard money loans carry higher interest rates, often between 8% and 15%, and short repayment periods, usually 6 to 24 months. Borrowers may also encounter origination fees, closing costs, and points. If the loan isn’t repaid, the lender has the right to foreclose on the property to recover their funds.How does a hard money loan work? For real estate investors in Virginia, hard money loans offer a fast and flexible financing option. Here’s a quick rundown of how these loans work:
Categories
Recent Posts

4 Top Estate Sale Companies in Rochester, NY

4 Top Estate Sale Companies in Springfield, MO

4 Top Estate Sale Companies in Virginia Beach

Chicago Seller Closing Cost Calculator

Houses With Widow’s Walks Have a Story—But It’s Not a SadOne

Condo vs House: Pros and Cons Every Buyer ShouldKnow

How to Stage Your Home to Sell: 5 Tips to AttractBuyers

We Buy Ugly Houses Reviews: Is a Cash Sale Right ForYou?

Selling a House in Indiana? Expert Tips to SellFaster

BPCON 2024: I Came For the Real Estate, Stayed For theWeirdos