Park Place Finance is now offering hard money and rehab loans. Whether you’re looking to fix and flip or just cash out, we can assist you quickly and efficiently. Even if you’ve got a real fixer-upper on your hands, we’ve got your back. We offer everything from 70% cash out on investment properties, to 90% of the acquisition price on purchases. Whatever your needs, if you need funding fast, Park Place Finance is here to help. We can close in as little as five days, from the moment you contact us to the moment you leave with cash in-hand.
Some commonly asked questions about hard money loans:
What is a hard money loan?
A hard money loan is based on the after repaired real estate value and equity that is available on the repaired value. It’s generally a short-term loan, secured by the subject real estate. Hard Money Loans are not as strict with credit score guidelines and do not have any income requirements. Assets are important on this loan program; sourcing your down payment, closing costs and the first month’s payment is required. Hard money loans are also intended for investment properties, for instance for the needs of real estate entrepreneurs. For more information on what a hard money loan is, see our hard money loans FAQ.
Why use a hard money loan?
A hard money loan is useful in a variety of situations where a traditional financing option just won’t cut it. If you have a property investment deal in-hand and don’t have time to go through a lengthy bank loan process, a quick hard money loan can make it possible to take action right when you need to. This is often true when you want to fix and flip properties, and need to guarantee quick access to financing, but don’t have enough cash on hand or enough partners to finance it yourself. The biggest reason to use this type of financing, however, is the simplest: it gets your loan funded quickly. When you provide the full application and all documentation, it can take as little as five business days before we are ready to close.
How can I get a hard money loan?
As a hard money lender, we are primarily concerned with the after repair value of the property that will serve as collateral, which will, in turn, determine the amount of the loan it is possible for you to get. That said, there are other variables which can affect your ability to get this type of loan, such as geographic location, property documentation, property type, and experience with flipping homes. If you have little to no experience flipping homes, you may still be approved for a hard money loan but will simply have higher rates the first few times.
As you consider your lending and investment options, check out Park Place Finance’s hard money lending program. We’re committed to closing on time, honoring our fees, and getting you funded with speed and simplicity. Contact Park Place Finance today to discuss your goals.