If you’ve decided on a real estate investment in Richmond, Virginia and are looking for financing options, a hard money loan from Walnut Street Finance may be the right option for you.
That said, hard money loans are very different from traditional financing, and come with their own set of pros and cons. To clear up these differences, we’ve outlined below everything you need to know about this type of financing, and how lenders like Walnut Street Finance can help your investment succeed.
Knowing When a Hard Money Loan Isn’t Right for You
The first thing to realize about hard money loans is that they’re not for everyone. Walnut Street Finance works with real estate investors in Richmond who need short term financing to complete a project, and don’t want to lose the time, energy, or money it takes to work with traditional lenders.
Given that we lend primarily to borrowers taking on investment properties, our offerings include fix and flip loans, construction loans, bridge loans, and acquisition loans. If your financing needs extend beyond these options, a hard money loan probably isn’t the best choice for you. We also don’t provide long-term financing for investors, and can’t provide funding for owner-occupied properties.
The Pros of a Hard Money Loan from Walnut Street Finance
If you think a hard money loan might be right for your upcoming Richmond real estate investment, there are a number of benefits to borrowing from Walnut Street Finance that can help you maximize profit and minimize time and hassle.
First, our loans can be acquired quickly and with relative ease. Borrowers can get an application approved in as little as 24 hours, with minimal paperwork required up-front - with closings occurring in as little as a week, getting to work on your next investment property has never been quicker.
Walnut Street Finance is also able to provide highly competitive loans with low money upfront. Depending on the borrower’s level of experience and the deal itself, rates on our loans range from 10-12% and 2 to 3 points - plus, we help you save from day one by financing your closing costs. We also provide funding for nearly any investment project, with loans ranging from $100,000 to $4 million in value. We’re not laser-focused on credit score, either, as we take a much more holistic approach to approvals than traditional lenders.
Ultimately, while cost and ease are great benefits, the biggest perk to borrowing from Walnut Street Finance isn’t the money, but the experience. With more than 30 years of practical knowledge of real estate, our loans come with an unparalleled amount of advice and industry expertise. A quick look at our loan portfolio will give you an idea of how we’ve helped clients achieve success in the past.
The Bottom Line
If you’d like to learn more about how a loan from Walnut Street Finance can help you maximize profit on your next investment project, contact us today.
Or, if you’d like to learn a little more about the types of hard money loans we offer, check out our free ebook, Borrower Basics 101: Building Your Real Estate Empire.