A hard money loan is a short-term, interest-only loan that is secured by the value of the property rather than the borrower. Real estate investors and developers commonly use these types of loans to fund their projects because they are easier and faster to obtain than traditional bank loans.
Loan to value is the amount of money borrowed compared to the cost, or value, of the property. After renovation value is an estimated value of a property after renovations. Walnut Street Finance will typically lend up to 75% ARV for a project, depending on the property and the borrower.
Currently we lend to the following areas:
- Washington, DC
- Northern Virginia (Alexandria, Arlington, Fairfax, Falls Church and Loudoun County)
- Southern Virginia (Richmond, Norfolk, Chesapeake, Virginia Beach, and Hampton Roads)
- North Carolina (Raleigh-Durham)
Hard money lenders loan money based primarily on the value of the property. We do consider borrower credit history and experience, but our loan programs are flexible enough to work with all borrowers who have a decent deal and borrower profile.
Each deal is different and but we generally require a personal financial statement, proof of income and property information.
We can be prepared to close in a matter of days.
Yes, you can roll points and other closing costs into the loan.
No, we can only fund projects that are non-owner occupied.
Yes. Sometimes projects have permit or construction delays and take more time than anticipated. We can extend the term of the loan if necessary.