Google 5-Star Rated Direct Hard Money Lender
Hard Money Lenders in Minneapolis Minnesota
Source Capital is the direct premier hard money lender in Minneapolis, Minnesota. Finding a good hard money lender is often challenging and takes a lot of time. Many hours of research goes into looking up the terms and conditions to see which ones work the best for your needs. Source Capital is available to you if you are looking forward to buying real estate in Minneapolis, Minnesota with best loan terms and conditions. Contact us to learn more about how hard money loans work and what you should expect from us or call us now at 858.705.6144 to get more info about direct hard money lenders in Minnesota, Arizona & California.
Source Capital offers commercial and residential hard money loans for real estate buyers. The loans are used to purchase commercial properties or family residences with good value. Minnesota has a thriving real estate market and in most cases, hard money loans offer the terms potential real estate investors are looking for in their venture. Hard money loans are the optimal choice for property “flippers”, real estate developers or any other type of investor.
Traditional money lending institutions like banks require a huge amount of documents pertaining to your financial condition, credit, taxes and more. They are bound with government regulations, policies, red tape and their personal rules. They offer hard money loans only for particular ventures and your financial health plays a major role in their decision to provide the funds or not. In contrast, Source Capital only needs the assurance and the documents proving that your collateral is valuable enough to pay back the loan if you are unable to do so. Your financial state is only important for checking whether you are in any danger of bankruptcies and so forth. Hence, the process if faster and you can get the financial help you need for many other kind of asset acquisitions that you won’t get with banks.
Source Capital only asks for those legal documents that they require to protect the borrower and lender rights. The loan is processed in-house; underwriting is done in the office as well, thus ensuring that no document leaves to office. The loan is approved or rejected in just a few days as it is almost entirely based on the value of the asset rather than your credit scores or employment history. All decisions related to any loan application, are usually made by one or two person, rather than a board or committee.
The general terms offered by Source Capital in Minneapolis are:
- Interest rate: 8.99% – 11.99%
- Loan amount: $20,000 – $5,000,000
- Lender points: 2.5% – 4%
- Term: <7 years
- Funding: <70%
- BK/Foreclosure/Short Sale/ Poor Credit – Acceptable
- Owner occupied residential property – Acceptable
- Prepayment penalties/Junk fees – Not required
Source Capital cultivates close working relationships with borrowers, brokers as well as investors who can count on our standards of work ethics and commitment. We have an admirable track record with the Better Business Bureau and have the honor of featuring in many prestigious publications throughout the Western United States. We offer our services to foreign nationals as well to acquire the property of their dreams.
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