Some lenders might talk about hard money and a bridge loan as the same – that’s okay. But it will benefit you to know the particular uses for bridge loans.
The basics of a bridge loan are that they’re used to bridge you from one project to the next. You pay the loan off when the first property sells. Using bridge loans can make your investment career smoother, faster, and more profitable.
Here are 3 ways you can use them.
1. Bridge Loans to Get from One Property to the Next
The most common use of bridge loans in the hard money space is to bridge you from one property to the next.
When you have a flipped property that’s almost complete – the work is done, it’s under contract, it’s almost sold – you might want to get started on your next project without waiting for the official close.
The problem is: How do you buy a new property without the money from selling the old one? A hard money bridge loan solves that problem.
A bridge loan allows you to use the property that’s about to be sold as collateral for a new loan for a new property. Once the first property sells, some of that money is used to pay off the bridge loan. Then you own the new property free and clear.
This way of using a bridge loan is especially useful if you have a lot of cash put into one property. You don’t have to wait to get that money back after selling to start on your next investment.
2. Bridge Loans to Cover a Down Payment on a New Property
You can use an advance of the equity on a current property as the down payment for the new property through a bridge loan.
Maybe you’re about to sell one property. And you’re able to get financing for your next one… Except you can’t cover the down payment.
In this case, you’ll probably use a bridge loan in conjunction with a hard money loan. The hard money loan covers the property cost, and the bridge loan covers the remaining down payment cost. Then that bridge loan gets paid off when you sell the old property.
3. Bridge Loans to Close Fast
Another way you could use a bridge loan is to close faster on a new property.
Maybe you plan on using more traditional financing through a bank, but the bank loan wouldn’t be ready in time. You can use a short-term bridge loan.
This loan bridges you from the closing to the refinance. A bridge lender will help you with the initial purchase. Then once your bank (or hard money) loan is completely ready – usually several weeks or a month later – that bank loan pays off the bridge loan.
Bridge Loans in the Hard Money World
Typically bridge loans are used for 3 situations in real estate investing:
When you’re buying a new property and already have one listed for sale
When you need to cover down payment on a new property
When you find a great deal but your bank’s financing won’t be ready in time.
https://hardmoneymike.com/wp-content/uploads/2022/08/3WAYS-TO-USE-BRIDGE-LOANS.png6171048Jenna Weldonhttps://hardmoneymike.com/wp-content/uploads/2019/06/hard-money-mike-logo.pngJenna Weldon2022-08-14 10:00:062022-08-05 16:05:053 Ways a Hard Money Bridge Loan Makes Your Life Easier
The ultimate beginner’s guide to basic hard money loan numbers to know (AKA, your guide to wealth in real estate investing).
There’s money in the money when it comes to real estate investing. But the numbers surrounding hard money loans can be confusing, especially for beginners.
Many investors don’t want to learn these numbers. Just by reading this guide, you’ll be way ahead of the game.
Let’s go over these basic numbers to get you one step closer to being a real estate expert:
Hard Money Loans – Knowing the Basics
As a beginner investor, you need to know the basics about hard money loans.
The two most basic hard money questions you need to know the answers to are:
What’s the difference between loan-to-value and ARV?
As a real estate investor, if a property costs $100,000 as it sits, you know you’re going to put work into it and make it worth more. But that as-is value, the $100,000, is what lenders base their loan amount on.
Know the Basics: After Repair Value
After Repair Value (ARV) is used more by hard money lenders and the real estate investment world. Banks and traditional lenders more often use LTV.
Because in real estate investing, we’re basing our numbers on what you can do to the property. What can the value be once you fix it up? That’s the number that determines profit, so that number is more important for hard money lenders.
ARV is the target value of what the house will be worth after all your renovations. This ARV should always be higher than the current price of the house when you buy it.
Calculating ARV and LTV
Let’s say you found an undermarket property that’s selling for $100,000. If a lender says, “We’ll loan you 75%,” that could mean two things, and you’ll want to know the difference.
First, if they’re a bank, they’re likely talking about 75% of the value. In this example, that would be:
$100,000 × 75% = $75,000 loan
Hard money lenders will care more about the value of the home after repairs, so they go off ARV. If they loan you 75%, that would be:
$150,000 × 75% = $112,500 loan
If a loan is based on ARV, lenders might want to know – what are you doing to the property? Different renovations will affect the value of the property in different ways. What you will do and the quality of the work will affect the ARV.
Know the basics about LTV and ARV, and your hard money experience will be much smoother.
Hard Money Loan Requirements
What are the requirements for a hard money loan?
What will hard money lenders lend you, and what does it take to get it? Knowing these numbers in advance will help you stay on track to getting profitable deals.
The majority of hard money lenders will lend up to 75% of the ARV.
So, let’s say a property will be worth $100,000 after all repairs, and a lender offers you 75% of that ARV. You’ll receive a loan for $75,000.
Is that enough? Now it’s up to you to crunch the numbers and see if you meet these hard money loan requirements. Will that $75,000 cover everything – the purchase, the rehab, etc.? And if it doesn’t – how much do you need to bring in? Can you make that work?
What Expenses Does a Hard Money Loan Cover?
A hard money loan covers:
The purchase of a property.
The rehab of that property.
100% financing is possible with a hard money loan, but it’s dependent on a lot of things – your credit score, investing experience, relationship with the lender, and more.
Let’s see an example of how the numbers on that $75,000 loan could work out to cover the flip 100%:
Loan: $75,000
Purchase Price: $50,000
Rehab:$25,000
If it’s possible to keep rehab costs at $25,000, you could get this $50,000 property 100% financed by a hard money loan, if the ARV is $100,000.
But let’s say rehab ends up costing $35,000. The total cost of the project would be $85,000, but your loan only covers $75,000. You’d have to come up with that extra $10,000 somewhere else – either from an alternative lender or from your own pocket.
Know the numbers to help you plan ahead with your hard money loan. If you know up-front that rehab will cost $35,000 on this property, you’ll know to only go through with the deal if you’re able to bring in that additional $10,000.
The 75% Rule Hard Money Loan Requirement
You can learn ahead of time whether your project can be 100% covered by a hard money loan. Just follow the 75% rule: make sure the costs of your project are under 75% of the property’s ARV.
Hard Money Loans Calculations
We’ve gone over some of the basics, but there are a few more hard money loans calculations to know.
Hard money lenders – especially national lenders – have two important numbers they go by.
First, 75% of the ARV is the maximum they’ll lend you.
Second is a more specific breakdown of how that money will be used, usually referred to as 90/100 or 80/100.
Know the Numbers: What Is the 90/100 Number in a Hard Money Loan?
This number is usually around 90/100, but lenders can tighten down to 80/100 or lower. But what does this number mean?
The first number is the percentage of the loan that goes toward the purchase. The second number is the percentage that goes toward rehab. The higher the numbers, the less of your own money you have to put down.
In the case of 90/100, that means your loan will cover 90% of the purchase and 100% of the rehab.
But whatever that calculation is, it still has to be less than 75% of the ARV. Here’s an example
90/100 Calculation Example
Let’s use the numbers from our last example to look at a 90/100 loan. We’ll take 90% of the purchase price.
Purchase Price: $50,000
50,000 × 90% = $45,000
So, $45,000 of your loan must go toward the purchase of the property. But since it costs $50,000 total, you’d have to bring in the additional $5,000.
Rehab: $25,000
25,000 × 100% = $25,000
So, $25,000 of the loan will go toward rehab. That covers all of it, so you wouldn’t need to put any of your own cash into repairs.
So what would this 90/100 loan cover total?
$45,000 + $25,000 = $70,000
90/100 vs 75% Rule
But wait, that 90/100 loan example only gave you $70,000. The 75% rule on the same property said you could get a $75,000 loan. So which is it?
The 75% rule (hard money lenders loaning 75% of the ARV of a property) isn’t a guaranteed loan amount. It’s the maximum loan amount.
This maximum rule becomes more relevant as the deals get riskier.
Lenders don’t like risky deals because there’s a good chance you’ll lose money or only breakeven.
Here’s how our previous example could become much riskier and the 75% rule would become more important:
Let’s say we have that same property with an ARV of $100,000. But this time, the purchase price is bigger.
Purchase Price: $60,000
Rehab: $25,000
Now, let’s apply the 90/100 principle:
60,000 × 90% = $54,000 loan for purchase
25,000 × 100% = $25,000 loan for rehab
Total loan amount = $79,000
So if a loan covered 90% of this purchase price plus all of the repair costs, the total loan would need to be $79,000.
But the 75% rule says your max loan for this property with a $100,000 ARV can only be $75,000. So, in this case, you’d get the loan for $75,000, and be stuck bringing in that extra $4,000 the loan didn’t cover.
Why the 75% Rule?
The 75% rule protects you from the other costs from your project. You’ll still have to pay for selling costs, overhead, and loan fees. Yet you’ll still want at least 10% – 15% profit.
If your loan by itself is any more than 75% of your ARV, you’d be set up to make little to no money.
Lenders want to stop you before you get started if they can see there’s a good chance you won’t make a profit. They want to encourage good deals, and discourage deals people won’t be able to follow through on.
The bottom line: remember there are two numbers. The 75% rule is the maximum amount they’ll lend you overall. The 90/100 (or 80/100, etc) tells you the amount of the loan they’ll allocate to purchase and rehab.
What If I’m Still Confused?
These hard money calculations, numbers, and requirements can be overwhelming if you’re not used to them. Luckily, you don’t have to memorize all this stuff right off the bat.
Download our deal analyzer here. With this spreadsheet, all you have to do is enter the numbers. It does the math for you to help you decide whether to pursue your deal, and how much money you’ll have to bring in if you do.
A tool like this can help you know the numbers before you go to your hard money lender. Life is easier for everyone, and more profitable for you, when you know the numbers of a hard money loan.
Calculating Hard Money Loans for BRRRR
If you’re looking at the rental side of real estate investing with BRRRR, what are the numbers you need for a hard money loan? What do you look for in a profitable flip?
BRRRR was designed to let investors get into rental flips with almost no money down. How do you do it? The 75% rule.
What does that mean, and how do we calculate it?
With BRRRR, there’s two loans involved. The first (hard money) loan is to purchase and fix up the property. And the second (bank) loan is to refinance for the long term.
To make the BRRRR process happen with no money down, you have to know ahead of time that you can keep costs under 75% of the ARV.
The Math on a BRRRR Hard Money Loan Using the 75% Rule
75% of what your property will be worth (ARV) is your cap for costs.
Let’s say you’re buying a property, and based on the neighborhood, comps, and all other appraisal considerations, the ARV is $200,000.
Using the 75% rule would give us:
200,000 × 75% = $150,000
Your hard money loan could be up to $150,000. This means if all your costs for the project stay under $150,000, you don’t have to bring any money in.
With this example, it would be doable:
Purchase Price: $125,000
Rehab: $25,000
Total cost: $150,000
If you could keep rehab costs at $25,000 for the project, all costs would be equal to the 75% ($150,000) loan we’d receive.
If we take the same example, but the purchase price was $140,000 with $25,000 of rehab costs, you’d end up putting in $15,000 of your own money. Still doable, but more expensive.
100% BRRRR Financing in the Future
As the economy turns and we begin to see more foreclosures, BRRRRs will be a great opportunity to build up a bigger real estate portfolio with no money down.
The opportunities are out there, but to do it, your costs have to be at 75% or lower. This number might tighten in the near future to 70%, but all the same rules still apply.
If you know your numbers before you buy, you can use a BRRRR hard money loan to your full advantage with zero money down.
Hard Money Calculator
A hard money calculator is another important tool to help investors know the numbers of a hard money loan.
Beginner and experienced investors alike need to know the difference between loans offered by different hard money lenders.
How Does a Hard Money Calculator Work?
Some lenders will charge higher interest rates with no points. Some will charge higher points, which are percentage points taken out for fees, but have a lower interest rate.
The numbers get complicated fast. How can you compare all this for your specific deal?
The best way to figure out these numbers is to use our loan optimizer, with a free download here.
It’s a simple way to compare lenders in your area and find the best price.
Example of a Hard Money Loan Calculator
Finding the cheapest loan for your deal can save you thousands of dollars on your project.
(Note: It’s good to shop around to find the best numbers, but don’t shop around forever! Or else you’ll never get to know a lender well enough to get preferential treatment.)
Here’s a walkthrough of how a loan optimizer might compare two lenders:
Loan Amount
Let’s say for a potential deal, you need a loan for $150,000. Both lenders we’re comparing are going to give you that full amount:
Interest Rates, Points, and Their Costs
But let’s say Lender A and Lender B have different rates (interest rate) and points (percentage taken out for fees).
Many beginner investors look at this and think, “Well, I don’t want a lender with so many points. I don’t want to just be paying fees.” But they fail to actually do the calculations. You’ll be surprised which loan will save you the most money.
A loan optimizer will calculate the cost based on these rates and points:
As we can see, the daily interest combined with the cost of the points makes Lender B look like the cheaper option so far.
Other Fees
But there’s one more crucial cost we still need to take into consideration.
Often, lenders who charge zero points up-front end up charging a lot of “junk fees” later. Here’s the example of Lender A and Lender B with all the extra fees highlighted:
The various fees charged by Lender B add up quickly, making Lender A suddenly look a lot better.
Final Costs
But let’s check with a final calculation which lender would be the cheaper choice:
Here’s our final calculation by our loan optimizer. By the end of the six months, we’d be paying $12,352 to Lender A, or $13,408 to Lender B.
So, Lender A, who had more points up-front, is the cheaper option – by over a thousand dollars!
Yet, if we’d judged these lenders based on our first impression of interest rate and points, we might not have gone with Lender A.
It’s one thing when your low credit score is due to a lifetime of bad habits. It’s another thing entirely when a few events knock your score down. Giving a boost to a low credit score is relatively simple – anyone can do it, if they’re willing.
If your credit is just “dinged up,” there are three quick solutions to improve it.
1. Get Your Credit Balances Down
We often see investors and contractors put all renovation costs of a job on their credit cards – especially for BRRRR projects. They use more and more of their credit, which drags their score lower and lower.
This is a tempting yet dangerous pattern as a BRRRR investor. You put your money into the property from your credit card, which you expect to get back with your refinance. But if your credit score is too low, the refinance might not go as planned. With bad credit, you won’t be able to get the refinancing loan as easily or for as much money as you expected. This will make it harder to pay off the card balances you built up during the rehab.
A tip to get around this problem is to go private. If you can get a private loan that won’t show up on your credit, you can use that money to pay down your balances.
A better score will give you better rates for your long-term, credit-based financing. A lower credit score could make your loan rate a point or two higher, which could snowball into you paying an extra $50,000 to $70,000 over the life of the loan.
2. Get Authorized to Boost a Low Score
Another quick fix for a low credit score is using someone else’s good credit to help your bad credit. Find a family member or friend who has good, long established credit, and ask them to add you as an authorized user. Their good credit will show up on your report and boost your low score.
3. Pay Your Bills on Time
If you can’t keep up with your bills, that may be a sign to get rid of some of your credit cards. Some of our clients have over 20 credit cards open! Consolidate your accounts as much as possible.
But when you stop using an account, don’t close it. As long as it has a good history, an open, unused credit account will continually add a little boost to your credit.
Lenders look at credit to see how you paid people in the past as a clue to how you’ll pay them in the future. It could take you up to six months to bump up your score in the long-term. But if you don’t start now, it’ll keep getting harder to raise it. The best time to start fixing your credit is now.
Though similar, there are differences to know in a bridge loan vs hard money loan.
Some lenders will use “bridge loan” and “hard money loan” interchangeably. After all, they are similar concepts, and lingo varies from lender to lender. But it’s important to know the actual definitions so you understand these terms if a lender uses them this way.
When to Use a Bridge Loan
A bridge loan is a very short-term loan – even shorter than the typical hard money loan. It helps you bridge the space between one project and another.
Let’s say you’re just finishing up a flip. The house is on the market, buyers are showing interest, and now you’d like to get another property bought so you can jump right in to your next flip.
Typically, you use the money from selling one property to buy the next one. But if you want to get that next property started before the current one is sold? That’s where a bridge loan comes in.
A true bridge loan covers up that gap between projects. It gives you the money to close on a new property before the first one is completely sold.
A bridge loan lets you overlap from an old project to a new one.
How is a Bridge Loan Different from a Hard Money Loan?
A hard money loan is longer and broader than a bridge loan.
The average bridge loan lasts 30 to 45 days. Hard money loans can last up to a year or longer.
Bridge loans get you from one property to the next. Hard money focuses more on a single project.
You pay off bridge loans when your old property sells. You pay off Hard money loans when you refinance or sell the property the loan was originally for.
You use a bridge loan as temporary funds to close on a house. You use a hard money loan as a more general budget for a purchase. Many come with the option for escrows to fix up the property over time.
Certain lenders do pure bridge loans, while others lump it all under “hard money.” Keep in mind as you’re learning the real estate investment game that a bridge loan vs hard money loan serves different purposes.
https://hardmoneymike.com/wp-content/uploads/2022/08/BRIDGE-LOAN-VS-HARD-MONEY-LOAN.png6981048Jenna Weldonhttps://hardmoneymike.com/wp-content/uploads/2019/06/hard-money-mike-logo.pngJenna Weldon2022-08-08 10:00:422022-08-05 13:46:29Bridge Loan vs Hard Money Loan: What’s the Difference?
It’s a big opportunity. What are some investment strategies to make subject tos happen?
With a subject to, you buy a property subject to the seller leaving their mortgage on the property.
There are several benefits of subject tos – but how do you make it work? What are the right investment strategies to successfully get a subject to?
Subject To Strategy #1: Going Through a Proper Closing
First of all, still go through a proper closing on subject tos. You want to make sure the owner doesn’t have any other liens you don’t know about. When you take ownership, you become responsible for any existing liens on the property.
At the very least, get a title report to verify there are no liens. If you want, you can get title insurance – an extra cost but potentially worth it.
Subject To Strategy #2: Adding Your Name and Avoiding Problems with the Mortgage Company
With subject tos, some people may say you’re not allowed to take ownership and make someone else’s payments. They fear the lender may call the mortgage.
But we’ve never seen a lender ever call a mortgage in this situation.
The main reason is because the lender usually doesn’t break even with the loan until year three or four. When a lender originates the mortgage, they buy it, so it takes at least three years of payments to get their money back.
So as long as you pay on time and don’t cause friction, the mortgage company should have no problem with you taking over. They make money every time you make a payment, so they have no reason to call it off.
Subject To Strategy #3: Negotiating with the Seller
Sometimes you’ll have to negotiate with the seller for them to go through with a subject to.
Maybe they’ll need a payment of $5,000 – $15,000 to be able to leave. Maybe they’ll include terms that they’ll only keep the mortgage on for five more years.
It’s helpful to know when a seller is in a position that they’ll want a subject to. A subject to takes place because the seller, for whatever reason, needs to sell the house but can’t. They don’t want to be stuck with the property, and they don’t want a foreclosure or missing payments to ruin their credit.
If you make their payments for around 12 months, they can usually qualify for another mortgage on another property without this one hurting them.
For more details on real estate investment strategies and setting up subject to deals, reach out to us at HardMoneyMike.com. We have plenty of experience, and we want to help you build a real estate portfolio without worrying about your credit or income.
https://hardmoneymike.com/wp-content/uploads/2022/07/subject-2-investment-strat.png5111048Jenna Weldonhttps://hardmoneymike.com/wp-content/uploads/2019/06/hard-money-mike-logo.pngJenna Weldon2022-08-06 01:00:052022-07-25 18:47:28Subject To Real Estate Investment Strategies to Build Your Portfolio
The difference between gap funding and bridge loans – and why it matters to your real estate investments.
Gap funding, bridge loans – they sure sound similar. What’s the difference? How are each of these types of funding going to improve your business?
Both gap funding and bridge loans have the power to smooth out your real estate career and grow it to new heights.
Here’s what you’ll need to know.
Bridge Loans vs Hard Money Loans
Some lenders will use these terms interchangeably. After all, they are similar concepts, and lingo varies from lender to lender. But it’s important to know the actual definitions so you understand these terms if a lender uses them this way.
Though similar, there are differences to know in a bridge loan vs hard money loan.
What is a Bridge Loan Used For?
A bridge loan is a very short-term loan – even shorter than the typical hard money loan. It helps you bridge the space between one project and another.
Let’s say you’re just finishing up a flip. The house is on the market, buyers are showing interest, and now you’d like to get another property bought so you can jump right in to your next flip.
Typically, you use the money from selling one property to buy the next one. But if you want to get that next property started before the current one is sold? That’s where a bridge loan comes in.
A true bridge loan covers up that gap between projects. It gives you the money to close on a new property before the first one is completely sold.
A bridge loan lets you overlap from an old project to a new one.
How is a Bridge Loan Different from a Hard Money Loan?
A hard money loan is longer and broader than a bridge loan.
The average bridge loan lasts 30 to 45 days. Hard money loans can last up to a year or longer.
Bridge loans get you from one property to the next. Hard money focuses more on a single project.
Bridge loans are paid off when your old property sells. Hard money loans are paid off when you refinance or sell the property the loan was originally for.
A bridge loan is used as temporary funds to close on a house. A hard money loan can be used as a more general budget for a purchase. Many come with the option for escrows to fix up the property over time.
Certain lenders do pure bridge loans, while others lump it all under “hard money.” Keep in mind as you’re learning the real estate investment game that bridge loans vs hard money loans serve different purposes.
3 Ways to Use a Hard Money Bridge Loan
Some lenders might talk about hard money and bridge loans as the same – that’s okay. But it will benefit you to know the particular uses for bridge loans.
The basics of a bridge loan are that they’re used to bridge you from one project to the next. Then you pay the loan off when the first property sells.
1. Bridge Loans to Get from One Property to the Next
The most common use of bridge loans in the hard money space is to bridge you from one property to the next.
When you have a flipped property that’s almost complete – the work is done, it’s under contract, it’s almost sold – you might want to get started on your next project without waiting for the official close.
The problem is: How do you buy a new property without the money from selling the old one? A hard money bridge loan solves that problem.
A bridge loan allows you to use the property that’s about to be sold as collateral for a new loan for a new property. Once the first property sells, some of that money is used to pay off the bridge loan. Then you own the new property free and clear.
This way of using a bridge loan is especially useful if you have a lot of cash put into one property. You don’t have to wait to get that money back after selling to start on your next investment.
2. Bridge Loans to Cover a Down Payment on a New Property
You can use an advance of the equity on a current property as the down payment for the new property through a bridge loan.
Maybe you’re about to sell one property. And you’re able to get financing for your next one… Except you can’t cover the down payment.
In this case, you’ll probably use a bridge loan in conjunction with a hard money loan. The hard money loan covers the property cost, and the bridge loan covers the remaining down payment cost. Then that bridge loan gets paid off when you sell the old property.
3. Bridge Loans to Close Fast
Another way you could use a bridge loan is to close faster on a new property.
Maybe you plan on using more traditional financing through a bank, but the bank loan wouldn’t be ready in time. You can use a short-term bridge loan.
This loan bridges you from the closing to the refinance. A bridge lender will help you with the initial purchase. Then once your bank (or hard money) loan is completely ready – usually several weeks or a month later – that bank loan pays off the bridge loan.
Bridge Loans in the Hard Money World
Typically bridge loans are used for 3 situations in real estate investing:
When you’re buying a new property and already have one listed for sale
When you need to cover down payment on a new property
When you find a great deal but your bank’s financing won’t be ready in time.
Gap Funding for Real Estate Investors
So, bridge loans are different from hard money loans. But where does gap funding fit into the mix for real estate investors?
Bridge loans do bridge “gaps” in your investments. But “gap funding” is something different.
Gap funding is the small amounts that investors need throughout the course of a project in addition to the bigger loan. Examples of common gap funding situations are:
Down payments
Contractors and other fix-up costs
Carry costs before renting or selling
Interest, insurance, and other payments not included in the original cost of the property.
A bank or hard money lender will be funding the majority of your project. And when you don’t have other properties, you can use a lien (like you would for a bridge loan). But without another property, you need gap funding to cover the little costs that slip through the cracks of your primary financing.
Gap funding for real estate investors can be a loan that’s anywhere from $10,000 to $100,000. Whatever costs your primary loan and your own cash won’t cover will need to be filled by a gap lender.
Where Do You Find a Gap Lender?
Gap lenders aren’t exactly like hard money lenders. You can’t walk into a gap lending institution and ask for a loan. So where do you find a gap lender?
Who are Gap Lenders?
There are some hard-money-style lenders out there that focus on gap funding, but they’ll charge you a 12 – 20% interest rate. The best place to find reasonable gap funding is with ordinary people.
Traditionally, gap lenders are people you meet – family, friends, people in real estate groups, or anyone with money who wants to dip a toe into real estate investing. These people have a couple tens of thousands of dollars they’d like to make a better return on.
Half the people in real estate groups want to be real estate investors, but don’t want the burden of managing an entire project. Gap funding is secured with a lien against the property, so lending is safer than investing.
Gap lenders tend to have around $50,000 to $60,000 they’d like to put toward real estate. Not enough to do a full transaction, but perfect to fill the gaps your financing will leave on your flip.
Where Can You Go to Find Gap Lenders?
Get involved in the real estate community, and keep your eyes and ears open. Go to meet-ups. Talk to people with money.
Where Do You Find a Hard Money Bridge Loan Lender?
How about bridge lenders? Does every hard money lender do bridge loans?
A lot of people use the term bridge loan interchangeably with gap funding or hard money, but a true bridge loan is slightly different. They’re shorter-term than a hard money loan, and they’re typically less expensive because of that.
Which Hard Money Lenders Do Bridge Loans?
To find these quick, short loans, a small local lender, like Hard Money Mike, will be your best and fastest option. Smaller hard money lenders like working with investors who provide good, safe returns. Bridge loans do exactly that.
Bigger hard money lenders do bridge loans, too. But they may take up to four weeks to close, which often defeats the purpose of true bridge lending.
You can also get bridge loans from some banks. Not big, national banks, but many local banks and credit unions who work with real estate investors may do bridge loans, too. Banks usually offer the cheapest bridge loans, but can take 3 – 4 weeks or longer.
Ask around to lenders you know to find out their pricing and see if their bridge loans are worth it. You can use our free loan optimizer to find out if you can get a good deal on bridge loans near you.
Where to Go From Here
The best deals in real estate investment close quickly. Gap funding and bridge loans are important tools to have in your belt so you can do this.
Gap funding and bridge loans are useful for beginner and experienced investors alike. They can enable you to work on multiple projects at once and increase cash flow.
There’s money in the money. If you understand the money side of real estate, your business rises to the next level.
We can always help with your real estate investment education.
https://hardmoneymike.com/wp-content/uploads/2022/08/Aug-2022-Bridge-and-Gap-Funding-Keep-Biz-Blog-Thumbnail.png6001800Jenna Weldonhttps://hardmoneymike.com/wp-content/uploads/2019/06/hard-money-mike-logo.pngJenna Weldon2022-08-04 10:20:092022-08-04 11:09:07Why Gap Funding and Bridge Loans Will Grow Your Real Estate Business
BRRRR rental properties work great for this. Investors can invest in them without putting any money into the property purchase or the flip.
Another way we frequently see people succeed with zero down is when they have really, really good deals. It’s a rare find, but if you do come across a property for sale for 60% or lower of the ARV, you can get 100% financing. Smaller, local hard money lenders will jump at the opportunity for such a great deal.
How Much Money Should I Normally Expect to Bring In?
Traditionally, when you’re starting out investing, you’ll use either hard money loans or a bank finance. It depends on your credit score and the amount of money you’re able to bring into a deal.
When you’re going into these loans, it’s good to expect to pay between 10% to 20% of the total cost of the project out-of-pocket. This includes 10% to 20% of the property purchase and 10% to 20% of the fix-up costs.
As an example, say you have a $100,000 purchase that will require a $50,000 rehab budget. If you’re bringing in 20%, you’ll need $20,000 as down payment for the house, plus $10,000 to cover construction – so $30,000 total out-of-pocket to start.
What Will My Financing Depend On?
How much you as a new investor will need to bring into a deal will depend on several factors:
The kind of deal you find
Your qualifications – with or without real estate experience
Your income
Your savings
Your credit score
Hard money lenders tend to lend based on your deal. Banks tend to lend based on you. A higher credit score will give you better chances at bank loans. And banks love lending to those who don’t need money. So if you already have a lot of savings and income, you can get 100% financing. But the more you put in, the cheaper it’ll be.
Overall, you can get involved in real estate investing with no money, especially for rental projects. But if you really want to get a running start, you’ll need some money for your investments.
Where Can I Find Private Money Lenders?
We’re mostly focusing on private money lenders for beginner investors because that’s where you’ll naturally have to start.
The timeline of financing options for most investment careers goes:
Private Lending → Bank Financing → Cash
You’ll start with relying on private lenders and hard money. But you’ll be working your way toward less expensive methods of financing. As you gain experience, credit, and money, it gets easier to move toward cash and lower interest loans in your investment business.
So, people at the beginning of their real estate investment careers hard money lenders… But if you’re just starting out, you’re probably not sure where to find them.
Here are the basics for finding private money lenders:
1) Google
A simple Google search can help you find private lenders near you.
The majority of hard money lenders will be local investors or small companies lending in your area only. Google is a simple, reliable way to see who’s out there lending locally.
Read the Google reviews. You’ll feel more confident moving forward with a lender if you can see people who vouch for the company.
2) Ask Local Investors Online
Use resources like biggerpockets.com, connectedinvestors.com, or other online forums to learn from people in your area. See who they use, why they use them, and what some general costs are.
3) Meet-ups and Live Events
Talk to people in person. Chat with other investors to hear about their experiences with local lenders. Many events will give you the chance to meet those local lenders and get to know what they offer.
You’ll need a pool of options for money, so it’s good to know many companies and private individuals.
Communicate with banks, too. Even if you can’t get a bank loan right now, that’s the next step you’re working toward in your career. It’s never too early to build those connections.
Are Hard Money Lenders Safe?
A major question from people who are starting real estate investing is: Are hard money lenders safe? Are they just loan sharks who will take all the profits from my project?
Private Lending Business Model
Hard money is not built to be against you. Private lenders intend to: lend money, get it back, and get their interest. They only want a return on their investment; they don’t want to bleed you dry.
Granted, there is a potential for lenders to take advantage of you, and there are a small percentage of lenders like that out there.
Hard money lending is no different than any other business – there are good people in it and bad people. It’s your responsibility as an investor to be sure you’re working with good, safe people.
Finding Good, Safe Lenders
Just like anything else, it’s wise to shop around. The best ways to find good hard money lenders are:
Personal Experience
Asking about other people’s experience
Checking online reviews
You’ll be able to tell right away from other people’s experiences whether a lender is safe or not. You can even ask lenders for references of people who have closed with them in the past.
Doing your research should save you the trouble of trial and error with your local lenders.
Broaden Your Pool of Lenders
To successfully start in real estate investing, you’ll need to get a good list of lenders. Don’t be connected just to one. You’ll need them for different reasons, different deals, and different loans.
It’s good to have a lot of money options – something quick, something long-term, something with a lower rate, etc.
If you focus on building your base of lenders, you’ll feel safe. Spread your reliance over multiple lenders to be more confident in your real estate investing career.
What Are Private Lender Interest Rates?
You know you’ll have to buy the property, cover fix-up costs, and pay back the cost of the loan. But if you’re new to real estate investing, you also need to know what other costs will come with your loan. Like interest rates.
The biggest cost on your mind is probably: What interest rates do hard money lenders charge?
What’s a Typical Hard Money Interest Rate?
The rate depends on several factors, and interest rates will vary lender to lender.
Now, in July 2022, inflation is hitting, and the federal interest rates are rising. With these recent changes, you’ll find rates are between 9% and 11%. But just six months ago, interest rate averages where two percentage points less.
Always check on your local lenders’ rates. Especially at a time like this, they can change relatively quickly.
How Interest Works on a Hard Money Loan
We’ve had people come to us discouraged about interest rates – just because they misunderstood how interest works.
For example, let’s say you need a loan for $800,000, but you only need it for three months. The lender gives you a 9% interest rate. Will you have to pay 9% of $800,000 for those three months? No, that’s not how interest works in hard money.
That percentage they give you is an annual rate. So in this case, you’d be paying that 9% in monthly chunks over the course of the year. If you only need that loan for three months, you’ll be paying closer to $18,000 in interest – much better than around $72,000, 9% of the full total.
Always make sure to shop around for the best deal. The more money you can put in, the lower your interest rate.
How Important Are Interest Rates?
Typically in real estate investing, it’s not just about the interest rate. It’s about how fast you can close.
We see speed make the difference for our clients all the time. Often, if someone can close a week or two earlier than other buyers, they get a better deal.
In that case, interest rates become a non-factor. The bargain you can get on closing fast on a property can more than makes up for the interest charges.
Banks’ interest rates are generally 2% to 5% lower than private lenders. So if you can go to banks, you probably should for the better rate. But if you’re new to real estate investing, bank loans are typically out of reach, so hard money is the best way to start investing.
How Much Do Private Money Lenders Charge Overall?
Interest rates are just one of the costs to be aware of with hard money. With private lenders, there are two major costs to consider:
Interest rates
Fees and other charges
You’ll have to consider these two factors at the same time. Every lender is different.
One company might offer a 14% interest rate but have low fees. Another may only charge 9.5% interest but their fees are much higher.
How do you calculate which loan will be the better deal for you? A simple way is to use this free loan optimizer tool. You can add in all the information from each lender, and this tool will help tell you which loan saves you the most money.
What Are the Other Costs Associated with Hard Money?
Fees can vary widely in the hard money world. There’s no standard; it’s up to each lender what they charge.
Origination Charge
The most common fee you’ll see is the origination charge. This is to guarantee profit for your lender or salesperson.
An origination fee is calculated as a percentage of the loan amount. It varies between 1 and 4 points. (A “point” is a “percentage.” So if you hear a lender say they charge 2 points for a fee, that’s 2%).
Other Fees
Some lenders have none of these fees, some have nearly all of them:
Processing charges
Underwriting fees
Appraisal charge
Legal fees
Title fees
Charges to set up an escrow
Charges to take draws on an escrow
And more.
The amounts vary widely. Some of these charges are a flat rate, and some are based on a percentage of the loan. One lender might have eight or nine of these fees, another may have just one or two.
How Do You Know Which Loan Is Best When You First Start Investing in Real Estate?
At the end of the day, you’ll have to find out what’s best for you.
Don’t get too hung up on interest. Some people see lenders charge 10% when banks are charging 6%, and they assume it’s some sort of rip-off. Then they never use hard money, and their investment career suffers.
There’s no such thing as a loan that you don’t have to pay for. Every lender will have between one and eight additional costs besides simply paying the money back.
Sometimes people who start investing in real estate zoom in on a low interest rate from a private lender, then miss the bigger picture of fees and the length of the loan.
You’re responsible for the success of your loan. Most consumer loans will give you a detailed sheet with all the charges. Private lenders will give you that information, but it may not be in a nice little form.
This loan optimizer tool can help you understand which lender will offer the better deal for you.
Understanding these costs and loans will make or break your real estate deals. This side of investing where you’re spending money is the same side where you make money.
Hard Money Mike Can Help You Start Investing in Real Estate
It’s a knack to find great properties, but it’s impossible to start investing in real estate if you can’t get the money to fuel those purchases.
We’ve done tens of thousands of transactions, billions of dollars in loans, in every kind of market, with any kind of deal.
We don’t just lend our own loans. We help investors understand hard money, get help with bank loans, and be educated on the money side of real estate investment.
If you still feel unsure about the next steps to make your dream of real estate financial freedom a reality, reach out to us with your questions.
The people who understand the money side of investing are the ones who become more profitable, faster. Let’s make you one of those people.
Happy Investing.
https://hardmoneymike.com/wp-content/uploads/2022/07/Jul-2022-How-to-Start-Investing-in-Real-Estate-Blog-Thumbnail.png6001800Jenna Weldonhttps://hardmoneymike.com/wp-content/uploads/2019/06/hard-money-mike-logo.pngJenna Weldon2022-07-26 10:00:302022-08-08 20:05:06How to Start Investing in Real Estate: Beginner’s Guide to Private Money
What do hard money lenders look at? There are two main factors you need to know.
Becoming hard money proficient will put you miles ahead as an investor.
Before you run to any lender with a deal, you’ll need to know… How does a hard money loan work? There are two key terms you’ll need to understand: loan-to-value ratio and, more importantly for fix-and-flips, after repair value.
Loan-to-Value Ratio
The first important number a lender takes into account is the cost of the property. The second is the amount of the loan. Loan-to-value ratio is the ratio of the loan and the cost.
Let’s say you have a property with a current appraisal of $200,000. Then you get a loan for $100,000. The loan is half of the value of the home, so your loan-to-value is 50%.
After Repair Value (ARV)
ARV, after repair value, is another important factor hard money lenders consider. The properties targeted by real estate investors are undervalued. They need repair-work done to be brought up to the standards of the surrounding community.
So, lenders look at not only the current value of the house, but also the future value of the house, after it’s all fixed up.
Many hard money loans are based on after repair value rather than loan-to-value. Your lender might offer you up to 75% – not of what you’re buying it for, but what you could sell it for by the end.
What Does A Hard Money Loan Using ARV Cover?
A key factor to ARV is that lenders will lend not only for the initial purchase, but for the fix-up costs too.
Many lenders will put money aside in escrows to use throughout the project to pay contractors and cover other renovation costs.
If your loan considers ARV, it’s possible for you, with ZERO money down, to:
Buy a property.
Fix it up.
Either sell it (fix-and-flip) or refinance it (BRRRR).
After selling or refinancing, you use that money to pay the loan back.
Hard money is designed to build value into real estate. Understanding the role of the after repair value will help you immensely in your hard money investments.
https://hardmoneymike.com/wp-content/uploads/2022/07/how-a-hard-money-loan-works.png6991048Jenna Weldonhttps://hardmoneymike.com/wp-content/uploads/2019/06/hard-money-mike-logo.pngJenna Weldon2022-07-21 10:48:252022-07-21 10:48:25How Does A Hard Money Loan Work?
Credit score tips to prepare your real estate investment career for a recession.
The upcoming economy will be an opportunity to create generational wealth.
In the years after the 2008 crash, Hard Money Mike helped people create a great real estate portfolio. A portfolio that has taken them through the past decade and onto the next generation.
We know the opportunity is always there in a recession. But we also know that if you’re not money-ready… you’ll probably miss your chance.
Your credit score is more important now than it has been for a long time. With inflation hitting and a possible recession on the way, lenders are tightening up with loans. Your credit decides whether your real estate investment career will be easy or hard.
So what do you need to know about investing with your credit score? How can you turn a time of struggle into a time of opportunity?
What is a Good Credit Score?
Credit scores range from the 400s to 800s. But for the purposes of the lending world, that range shrinks to the mid-600s to upper-800s.
Over the past 6 months, with inflation and interest rates rising, big institution lenders have tightened their grip on loans. Not just anyone can get a loan – you’ve got to have a good score.
But what is a good credit score for real estate lenders?
Before this recent shift in the economy, the lowest score considered by a lender was 640. Now, most lenders won’t look at anyone under 680. And that 680 minimum could soon turn into 720.
Institutions raise credit score minimum requirements to cut investors from the loan pool. This means many of your competitors will be unable to find the same kind of money they could 6 months ago.
You don’t need to be one of the investors squeezed out of the lending space. But you’ll need to understand exactly where your credit is, how to improve it, and what good credit score range lenders are looking for.
Make sure you’re credit-ready for these upcoming opportunities.
How to Increase Your Credit Score
To take advantage of this next market, you’ll need to keep money coming in. Banks and hard money lenders will be stricter with loans. You’ll need a good credit score to not be squeezed out of opportunities with lack of funding.
There are a few simple things you can do to raise your credit score.
Pay Your Bills on Time
This is the absolute most important action to increase your credit score. Payment history makes up at least 40% of your score. Lenders who don’t require a minimum credit score will still look at whether or not you pay your debts back.
Focus on this habit if you haven’t. Missing payments is the biggest red flag to lenders. No one – from banks to small hard money companies to OPM lenders – will want to give money to someone who has a history of not paying back.
Reduce Your Credit Card Balances
If you’re using a credit card to fund fixes on your projects, make sure to pay it off completely after every flip. Pay off as much as possible as you go. Keeping a lower balance on your cards will:
Improve your credit score.
Ensure you won’t run into late payment.
Keep your balance from getting out of control.
It’s smart to have credit cards paid down before applying for a bank loan. To do this fast, you can get money in ways that won’t show up on your credit report. You could use a personal loan or OPM, a 401k loan, or a HELOC.
Get Authorized on Someone’s Good Credit
If you’re struggling with your score, find someone with good credit who will authorize you on their account.
This person will likely be a little older. They’ll have a great credit score, and their accounts will be established. Older people will naturally have an advantage you don’t – the length of their accounts.
Simply getting authorized on another person’s good credit will bump your credit score up.
Know How to Increase Your Credit Score
It’s important to give your credit score all the boosts you can before trying for a loan. Right now, the difference between a 680 credit score and a 679 is the difference between getting a loan and not getting a loan. The difference between a 720 and a 719 is getting a 9.5% rate rather than 11%.
Real Estate Investing with a Low Credit Score
Investing in real estate when you have a low score is definitely more difficult, but it’s not impossible.
If you’re researching how to invest with a bad credit score, raising your score should be your number one priority. These options aren’t replacements for a good score. But you also shouldn’t have to pause all investments until your credit is good.
So, what are your lending options with a low score?
You’re essentially out of the market for both banks and national hard money lenders.
You’re down to two options.
1) Using Small, Local Hard Money Lenders When You Have Bad Credit
Individuals or small hard money companies (like Hard Money Mike) don’t depend so much on credit. Instead, they focus on the quality of the deals.
Corporate hard money lenders can afford to turn off their lending and turn it back on. Small lenders rely on loans to make a living, so they’ll always be willing to offer you money if you have a good deal.
If you know how to put a deal together, if you understand all the numbers, if you can prove a deal is good – small hard money lenders will want to work with you, regardless of your credit score.
Small hard money lenders probably won’t require a certain credit score… But they will check your credit. Particularly your payment history. If you have habitual late payments, even a smaller lender won’t want to lend to you.
However, a small hard money lender will be more likely to understand that life happens. Sometimes certain life events negatively impact your credit. National lenders won’t ask for the story behind the number; they’ll just see that your credit score doesn’t fit their criteria. Small lenders will work with you.
2) Using Real OPM for Money When Your Credit Score is Low
As lenders are tightening up, investors aren’t the only ones who will feel the squeeze of the economy. There are regular people out there – with money – who will also be affected by inflation, interest rates, and the market.
These people are typically 50 or older and looking for ways to live off the retirement money they’ve accumulated. Banks are still only paying around 1% rates, but someone could get a rate of 5 or 6% by loaning money to you.
Inflation matched with stagnant bank rates make your potential OPM lenders lose money. Lending to you is a way for their money to keep its value.
OPM lenders will also care less about whether you have a 620 credit score or an 800 score. They’ll just care that you’ll secure their money and do deals the right way.
Don’t let the economy fool you into thinking there aren’t any big pools of money out there. You just need to know how to find them, navigate them, and keep them.
There’s No Replacement for Good Credit
Again, these are some of your options if you have low credit, but they are not a replacement for high credit. This is your business. Take your credit seriously.
Higher credit scores open up other options. Having other options make hard money loans and OPM work even better for you.
Your business will be easier, faster, and smoother when you have a credit score that doesn’t work against you.
BRRRR and Fix-and-flips During a Recession
You’ll soon be able to make money like no other time in the last 12 years. Deals will be easier to find than ever.
In the last decade, loans have been easy to come by. But home prices have been going up, so it’s been hard to find good properties. What will happen next is money will get tighter, but deals will get better and better as rates go up and property values go down.
So what can you do in the upcoming fix-and-flip and BRRRR market? Especially when your credit score is low?
Fix-and-flip Loans with Bad Credit
If you have bad credit while doing fix-and-flips, local hard money lenders will become your best friends.
Reach out to your real estate community, go to biggerpockets.com, and find those small lenders in your community.
You’ll need to keep plenty of lenders in your back pocket. Local hard money companies will be swamped by other investors with low credit scores. To have a good chance at getting money when you need it, you’ll want to know five or six good lenders.
BRRRR Properties and Long-term Rentals with Bad Credit
There’s always two loans with BRRRR – the acquisition, and later, the refinance. Some smaller hard money lenders can help with that first loan, but longer term, you’ll have to start looking at other options. If you run into trouble with the refinance, it can be hard to pay the hard money loan back. OPM could become vital for getting money for these properties.
Another route is to find something like a subject to, rather than a traditional BRRRR. There will be people who need to get rid of a property because they’re behind on payments. You can jump in and take over the property and the payments without assuming the loan. You don’t necessarily need a good credit score – you just need to be able to make the monthly payments and rent the property.
Overall, be aware that your pool of options will be much smaller with a bad credit score. Your price point will be lower, your range of options is smaller, and your ability to close on deals is slower.
Private Lending Options for Investors with Bad Credit: OPM
OPM is other people’s money. Real people that you know – friends, neighbors, family, people in local real estate groups. OPM can help with down payments, construction, monthly payments – it fills the gaps of your project. And if you really find the right people, the entire cost of a property could get funded with a $500,000 check.
OPM lenders won’t care about the same qualifications as institutional lenders. Your credit score is less important than whether you secure their money and pay them back as agreed. Good credit or bad, OPM will be one of the best tools for you as an investor in this next market.
Usually these are people closer to retirement. They want to get off the roller coaster of the stock market and get more reliable, consistent returns.
Someone with $300,000 in a bank account at 1% makes $3,000 a year on that money. If you can give them 5%, they make $15,000 instead. OPM will be mutually beneficial in this upcoming economy – you just need to know where to find OPM lenders and how to make it work.
With OPM, you can do more deals, better deals, faster deals, and deals other people can’t afford. We want to help you take advantage of this opportunity.
Hard Money Mike has funded over $1 billion of loans with Real OPM. During the crash in 2008, we couldn’t get money from banks, so we went the OPM route and have stayed that way ever since. We know how to do it right, and we know that it works.
Where to Go From Here
Few real estate investors will be prepared to take advantage of the impending recession.
You can be the one to take this opportunity, get the information, and be ready with your credit score. We have the experience to help you get ahead.
https://hardmoneymike.com/wp-content/uploads/2022/07/Preparing-Your-Credit-Score-for-Recession-Thumbnail.png6001800Jenna Weldonhttps://hardmoneymike.com/wp-content/uploads/2019/06/hard-money-mike-logo.pngJenna Weldon2022-07-19 13:19:472022-07-19 14:17:57Be Recession-Ready: How to Raise Your Credit Score
Here’s what you should do so it doesn’t happen to you.
It’s a big misconception: hard money is a trap.
A lot of investors think if they enter a hard money loan, they’ll never escape. Hard money gets a reputation as a death sentence for your profits.
And like all loans, credit, and other money-borrowing options, if you use it wrong… it does feel like a trap!
We want you to understand what behaviors make hard money loans unprofitable. And more importantly – how to use hard money to your advantage in your real estate investments.
Hard Money Is a Temporary Solution
Here’s where hard money naysayers go wrong: hard money loans should only be a temporary solution. They are not meant to be long-term options for investors.
If you enter a hard money loan with a long-term mindset, then you’ve already fallen into the “trap.” When you treat it like a long-term loan, you’re likely to lose a lot of your profits paying it back.
Hard money is short-term. To make the most of your loan, you have to get in and out of it fast. Here are 3 vital tips to make sure that happens.
Want More Guidance for Your Hard Money Loans?
Hard money is a valuable tool for prepared real estate investors who use it appropriately as a short-term solution.
Let Hard Money Mike give you guidance to get in and get out of your investments quickly and profitably. We’re excited to set you on a path that makes you the kind of money you need to live the life you want.
Need to see if you’re paying too much for hard money? Download our HMM Loan Optimizer to quickly find the best hard money option for your project.
You can also check out these videos about hard money on our Youtube channel. Happy investing.
https://hardmoneymike.com/wp-content/uploads/2022/06/is-hard-money-a-trap.jpg447800Mike Bhttps://hardmoneymike.com/wp-content/uploads/2019/06/hard-money-mike-logo.pngMike B2022-06-09 11:53:172022-06-18 11:52:11Is Hard Money a Trap?
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