Local real estate agents all agree on one thing: Virginia’s housing demands wont stop increasing any time soon. It’s not just Northern Virginia, either–cities like Richmond and Norfolk are seeing steady growth in housing demand and prices, while rural areas also continue to attract attention.
I’ve personally found that staying ahead means having quick access to the right capital—because when the perfect property comes up, you don’t want to wait. Whether you’re fixing and flipping or developing, the key is a reliable hard money lender. So, who are the best hard money lenders in Virginia?
1. Loan Mountain Capital
Loan Mountain Capital is a solid choice for real estate investors in Virginia who need quick funding with reliable draws. With over 35 years of experience and a reputation for fast approvals, they’ve made the loan process easy and, most importantly, fast. Whether you’re flipping properties or building from the ground up, they understand your needs and will deliver without delays.
Why They Are the Best
- Fastest Closing Times: time is money in real estate and Loan Mountain has a remarkable 30-minute pre-approval and a 24-hour close.
- Quick, Reliable Draws: They provide dependable access to funds, ensuring that you can proceed with your projects without unnecessary delays. This reliability makes them a preferred choice for most investors looking for consistent access to capital.
- No FICO Score Minimum: Unlike many lenders that hinge their approvals on credit scores, Loan Mountain Capital assesses loans based on the value of the project and the investor’s strategy. After all, that’s how hard money loans should work to begin with!
Loan Terms and Options
- Loan Types: They offer a diverse range of loans including fix and flip loans, bridge loans, and multifamily rental properties, covering most types of real estate investment strategies.
- Terms: Their terms are equally adaptable, with fix and flip loans available from 6-12 months and new construction loans ranging from 9-18 months. For those looking into long-term investments, their rental loans can extend up to 30 years.
- No Appraisal Needed: For fix and flip and rental loans, no appraisal is required, which can significantly speed up the process and reduce upfront costs.
- Competitive Rates and Fees: Interest rates vary between 11.8-12%, depending on the project. They also don’t add junk fees at the last minute, unlike most hard lenders.
- Loan Amounts: Loans range from $50k to $1.5m. If you have ambitious projects, they might not be the best option, as there are lenders with deeper pockets.
2. LendingOne
LendingOne is one of the best hard money lenders in Virginia becuase they offer a balance of efficiency and customer support. Co-founded by Bill Green and Matthew Neisser in 2014, LendingOne was born out of a desire to offer a more straightforward funding experience than traditional banks. They accomplish a better borrower experience by assigning a dedicated loan advisor to every client, ensuring none of your questions remain unanswered.
Why They Stand Out
- Personalized Service: Investors are matched with a Dedicated Loan Advisor, which means you get tailored advice and insights that align with your investment goals.
- Diverse Loan Products: Whether you’re flipping houses or building a rental portfolio, LendingOne has a variety of loan options to fit different investment strategies.
Loan Terms and Options
Here’s a breakdown of the loan types LendingOne offers, along with their terms:
- Fix and Flip Loans: Finance up to 92.5% of both purchase and repair costs. Quick financing, with potential funding in as little as a week. Interest-only payments for up to 24 months with no pre-payment penalties.
- New Construction Loans: Loans range from $200K to $5MM. 12-24 month terms, interest-only. Allows for spec development and includes negotiable release prices on multi-asset projects.
- Fix to Rent Loans: Ideal for investors planning to renovate and hold properties. Offers up to 92.5% Loan-to-Cost (LTC). Terms include 9 and 12 month periods, interest-only, with no prepay penalties.
- Portfolio Rental Loans: Targeted for investors expanding their portfolios, with amounts ranging from $500K to $50M. Options include 5, 7, and 10-Year Fixed Rates, along with 30-Year Amortizations or Interest Only. Up to 75% LTV for Purchase/Refinance.
- Rental Loans: Loan amounts vary from $70K to $2MM. Available with 30-Year Fixed, ARM, and Interest-Only options. Loan approval focuses on property cash flow rather than personal tax returns.
3. Easy Street Capital
Operating out of Austin, Texas, Easy Street is known for staying true to their name with an easy application process and 48-hour closings. There is no appraisal, so you save money, time, and the terms of your loan never change. What they lack in local experience, they make it up with straightforward loan terms.
Why They Stand Out
Easy Street Capital has set itself above other hard money lenders in Virginia thanks to the following characteristics:
- Easy: Fast approvals, easy applications, no appraisals required.
- Transparency and Reliability: Borrowers can expect no last-minute changes or surprises.
- High Repeat Borrower Rate: The EasyFix loan program is simple and reliable, as proven by its high repeat borrower rate.
Loan Terms and Options
Easy Street Capital offers a variety of loan options to support different investment strategies:
- Fix and Flip Loans:
- Loan amounts range from $75K to $2M.
- Competitive interest rates between 9.90% and 11.90%.
- Short-term options from 6 to 12 months with extension possibilities.
- Up to 90% Loan-to-Cost and 70% Loan-to-Value financing for purchase and renovation.
- No appraisal required, saving both money and time.
- Rental Loans:
- Loan amounts from $75K up to $3.5M, with blanket portfolio loans available up to $5M.
- Attractive rates starting at 5.50%.
- Designed for various property types including residential, short-term, and vacation rentals up to 10 units.
- Flexible 30-year fixed-rate mortgage loans with partial interest-only options.
- Construction Loans:
- Loan sizes from $75,000 to $2 million per unit.
- Terms are 9-12 months with options for extension.
- Interest rates between 10.9% and 11.9%.
- Quick turnaround on construction draws, processed within 48-72 hours.
- Up to 85% Loan to Cost and 65% Loan to Value.
Wrapping Up
The three hard money lenders listed each offer distinct advantages to suit different needs. Here’s a quick recap to help you decide:
- Loan Mountain Capital excels in rapid approvals and closings, ideal for time-sensitive deals.
- LendingOne provides personalized service with dedicated loan advisors and a wide range of loan products.
- Easy Street Capital stands out for its transparency and high repeat borrower rate.
When selecting a lender, consider factors such as loan terms, interest rates, and approval processes that align with your specific investment needs. Remember to thoroughly review each lender’s offerings before committing to a loan and don’t be afraid to channel your inner shark when negotiating. I’m sure you got this!
