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Need a Quick Hard Money Loan?

Fix & Flip • Purchase or Cash-Out Finance • 1-4 Unit Properties

Park Place Finance Can Fund Your Next Transaction

When other lenders are too rigid in their pre-qualifications, or are moving too slowly for your needs, Park Place Finance can step in to fill the gap. Put our speed, responsive service and simple hard money loan products to work for you.

The hard money loan is designed to assist real estate investors who would like to close quickly on real estate purchase transactions, or to access existing equity on real estate already owned. Park Place Finance’s hard money loan is a fast and easy solution to realize your next investment opportunity.

If you have a viable exit strategy that is short-term—within 12 months of the funding of the loan—Park Place Finance’s standard hard money loan is an excellent loan product to consider. This loan must be securitized in first lien position on either residential, multi-family, or commercial real estate; we do not extend hard money loans for land purchases.

Loan Requirements

For Individuals and Business Entities
1st Lien Position
Maximum LTV 90% of purchase, 75% ARV
Viable Exit Strategy in Place
Personal Guaranty

Standard Loan Terms

7-12% Interest Rate (Interest Only Payments)
Up to 12 months (Option to Extend)
No Application or Draw Fees
No Prepayment Penalty
$695 Processing Fee, 2-4 Points

Your Hard Money Loan Can Be Used For

Purchase Transactions

Refinance Transactions

Cash Out Transactions

Simple Answers to Common Questions

What is a hard money loan?

It differs from a traditional bank loan, in that it is mainly based on the real estate value and equity you possess, rather than personal factors like, employment or income requirements. A hard money loan gives a real estate entrepreneur the speed and funding to get their deals closed while producing returns for the private investor. These loans are intended for investment properties only, and not primary residences. For primary residential loans, see our standard lending programs.

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What are your basic qualifications for hard money loans?

Here are the basic guidelines for our hard money financing:

  • We require 15% down payment on purchases for experienced investors and 20% down for those who have less experience (less than 3 flips in the last 36 months).
  • At least one borrower has a 575 credit score
  • Foreign Nationals OK
  • Remodel, fix and flip, or square footage addition to existing property OK
  • Cash out on an investment property needing rehab OK
  • No Felonies for Applicants
  • Foreclosures & Bankruptcies must be 1 year old for any applicants
  • Ability to show funds for the down payment, 3 months interest payments, and closing costs
  • No ground up construction
  • Expanding square footage OK, but we do not fund complete tear down and rebuilds on hard money. We do have traditional lending products that might be able to assist though
  • Able to close in an LLC or personal name
  • No Primary Residences
  • No Modular or Manufactured Houses

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We have multiple partners, and only one of our partners has a 575 credit score. Is this ok?

Yes! As long as at least one has a 575 credit score we can usually get you qualified. The same applies to criminal history or foreclosures. As long as one partner is ok, then this generally is not an issue.

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I have an investment property owned free and clear, and need to pull cash out. Can you assist?

Yes! In additional to traditional lending products, we can also offer hard money loans for cash out purposes. We generally will lend to 70% of the value, with exceptions to 75% of the value for highly qualified individuals.

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Where does your money to loan come from?

We use our own funds set aside specifically for hard money loans. That’s why our loan decisions are done quickly and we honor our commitment to close once a loan approval is issued.

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What kind of properties are eligible for your loans?

Most Residential properties including single family, condominiums, townhouses, 2-4 unit properties, and even large apartment complexes. We do not lend on ground up construction at this time, and generally we only lend in cities, not rural areas. However, we can lend in suburban cities as well as small towns. Call us for details or a quick address check.

These must be investment properties for the duration of our loan, as we do not offer hard money on primary residences. We can make exceptions to lend on certain commercial properties, but our niche is residential properties.

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Where do you lend?

We lend in 47 states, and the property cannot be located in a rural area. However, we can sometimes make exceptions on rural areas, so it is best to call us with the address to determine options.

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What is your maximum loan amount? Your minimum?

Our minimum loan amount is $75,000 and we have programs for as high as $12,500,000. We treat each loan with the same urgency and integrity to get it closed on time, and honor our commitments to close once we approve you.

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What are your loan terms?

All of our loans are No pre-payment penalty, interest only, and no escrows. Rates start at 7.99% but are generally between 8.99% and 12.99%, with 2-4 points.

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What loan rates do you offer?

Our Rates are straightforward, please call us for an exact quote.

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What are your Fees & Construction Draw fees?

We charge 2-4 Points, depending on risk factors. Our only other fees are:

  • $150 Draw Fee for each construction draw
  • $695 Processing Fee
  • $250 Attorney Doc Prep Fee- In States Requiring an attorney to draw docs

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If I am purchasing the property with built-in equity, do I still need 10% of the purchase price down?

We require a minimum of 10% down payment regardless.

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What is your maximum loan-to-value you will finance of my repairs?

We can make exceptions up to 80% of the After Repair Value, but generally lend up to 75%.

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How long does it take to get a loan from you?

We require 5 business days from the time that we have received a full loan file.

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What is your loan application process like?

Very easy, just apply here.

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Besides the loan interest, what are my other costs?

We do not escrow taxes and insurance, meaning you pay your taxes and insurance outside of the loan payment. Regarding fees, see our fee table above.

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How many loans have you funded?

As of Q4 2018, Justin Hubbert, President, has originated over $400,000,000 in loans over his 12 years as Owner/CEO of Park Place Finance, LLC. His team has combined for tens of millions more.

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What is the Advantage to Using Park Place on my flip?

Park Place has a unique benefit, as we lend on both hard money and traditional, residential financing. So, once your flip is ready to go on the market, we can assist your new buyer with financing as well. The main benefits for this are that we have lenders that will approve properties with short flips, and in addition we have appraisals already on the property to use with comps for their property. Further, we can close standard, conventional residential loans in as little as 2 weeks, so that you can get your cash quickly and go find the next flip.

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Do you roll in closing costs?

We can roll closing costs in on both a rate/term refinance & cash out refinance. However, we are not able to roll in closing costs on a purchase. On a refinance, the only out of pocket expense is the appraisal, assuming we have enough equity. On a purchase, you will be required to pay all closing costs out-of-pocket.

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