Finance Your Real Estate Investment With a Washington Private Money Loan
Investing in real estate can offer long term returns. Understanding financing options and knowing when and how to leverage equity to further investment goals is important to any investor’s success.
Hard money lenders offer a fast, no-hassle way for investors to get the financing they need when conventional lenders say no. Private money loans are primarily based on available equity, not credit or income. So a less-than-perfect credit score is not a problem.
Just how does a private equity loan work?
In an equity loan, a borrower uses equity from their property as collateral. The value of the property determines the sum of money that may be borrowed. Equity loans are best for large sum amounts and typically used for major expense and investment purposes.
Every hard money lender offers different terms, guidelines and closing costs. At Gregory M. Russell, we loan a maximum of 50% or half the value of a client’s property. Clients who show sufficient equity and a reasonable plan to repay the loan are approved.
For example, if a property is worth $200,000, we loan $100,000 or half of its value. Loan costs and any mortgages or liens against the property are paid off out of the $100,000 and the client receives a check for the remainder. Our minimum loan amount is $25,000, our maximum is $250,000. We only make loans for business or investment purposes.
Examples of types of Gregory M. Russell equity loans include multifamily rental properties, vacation rental properties, business and restaurant properties, commercial real estate, and land loans.
Risks of any equity loan include loss of property if you fail to make payments. The Loan-to-value ratio will determine your approval and maximum allowed loan amount. You can get a sense of your property value and available equity by doing some advance research using sites like Zillow.
Get Easy Equity Loan Financing With Our Washington Hard Money Loan Team
Our Gregory M. Russell hard money lending team has over 30 years’ experience working with investors throughout Washington State. We understand real estate and that the ability to quickly tap equity can provide a boost to your investment goals. One phone call is all it takes to get your approval underway and you can have a check in hand within two weeks. We’re here to help. Call 1-888-477-0444 to learn more.