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Different Types of Hard Money Lenders

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Dominos Next to Dollar Bills

To add to the confusion of deciding on what type of loan you need for your investment, it would surprise you to know that there are several different types of hard money lenders to choose from. Here are a few of the different types of hard money lenders to choose from.

Broker

Typically a broker will have a few lending sources that you could choose from. As a broker they are able to shop around through their different lenders a find you the best deal possible.

Mortgage Bank

A mortgage bank can provide you with money that you need to purchase a property. Taking out a hard money loan from this type of hard money lender the loan will typically be a short-term loan with a balloon payment at the end of the term.

Commercial Lender

Another type of hard money lender is a commercial bank that could offer different types of programs. For example, if you want to expand your business you could take out a hard money loan from this type of lender to be able to.

Credit Union

Doing business with a credit union is another great option and you are able to find some on the Private Money Lending Guide under our lender directory. Since credit unions are considered non-profits they are able to typically provide you with a lower interest rate. One downfall is they are typically limited to certain types of businesses and areas that they can lend to.

Finance Company

Private Money Lending Guide can provide you with a robust list of finance companies for your hard money loans. Finance companies can typically provide you with any type of loan that you may need.

Online Lenders

There are a ton of hard money lenders listed online in our hard money lenders directory. Being able to work with these online lenders will allow you to do business from the comforts of your home or your office. With them being online you are able to shop around to get the best deal. The directory allows you to search the geographical area for your property so that you get a lender that is licensed in your state.

Ross Hamilton

Ross Hamilton

Ross Hamilton started investing in real estate in 2001 at 19 years of age and in his early 20’s, using the profits earned from his real estate investing business, Ross founded ConnectedInvestors.com. In 2015, Ross and his team consolidated the hard and private money lending space when they opened the doors to CiX.com. CiX facilitates over $3B in fix and flip and buy and hold funding requests each month. Ross was nominated by Entrepreneur magazine as Emerging Entrepreneur of 2011, serves on the Forbes Real Estate Council and is a professionally published author.

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