Minneapolis Hard Money Lenders

The real estate market is growing in Minneapolis and any real estate entrepreneur looking to turn a property into profit has a long to-do list before any margins can be measured. With the help of Minneapolis hard money lenders at Source Capital, you can access the capital you need to get your project off the ground. Whether you want to become a landlord or jump into the fix-and-flip business, you can get approved for a hard money loan quickly and professionally.

If you’re on the hunt for prime real estate in the Twin Cities, choosing a hard money lender in Minneapolis, MN is your best next move. At Source Capital, we understand that finding the right financing can be difficult, so we created a streamlined loan approval process—getting your funds approved and wired quickly so you can purchase your desired property.

• What kind of properties do hard money loans finance?
• What is the interest rate on a hard money loan in Minneapolis?
• What happens if you default on a hard money loan in Minneapolis?
• Do Minneapolis hard money loans show up on credit?
• How to get approved for a hard money loan in Minneapolis
• Source Capital is your premier lender

What kind of properties do hard money loans finance?

Our clients have used our hard money lending in Minneapolis to finance almost any real estate venture you can imagine. Whether you want to purchase a retail storefront in the Gateway District or a condo in Dinkytown, our lenders will create a custom loan to suit your financial goals.

Residential Properties

If you want to purchase a single family residence, a condo, a duplex, a triplex, or a quadruplex, Source Capital has you covered.  Don’t let your loan fall through at escrow. We’ll lend directly to you so you can buy your new residential property and beat the competition.

Fix and Flip Properties

Don’t let the perfect fixer-upper slip through your fingers. The fix-and-flip market is cutthroat, but with efficient funding from Source Capital, you can snatch up the perfect property before somebody else. Use our immediate funding to secure your property and start remodeling fast.

Commercial Properties

Thinking of renting out a commercial building? You can purchase an office space, retail storefront, industrial complex, storage building, or multifamily unit with one of our hard money loans. No matter how big or small your business venture, we’ll customize a hard money loan to your interests.

What is the interest rate on a hard money loan in Minneapolis?

The average interest rate charged on a Minneapolis hard money loan is 12.3%. However, at Source Capital, we can get your loan funded—and your real estate venture started—for as low as 7.99%. Our loans also boast 70% LTV, and we make sure to scrap the junk fees other lenders charge, lowering the total cost of your loan. 

The average home price in Minneapolis is a little over $290,000. Now is a great time to get in the game and sell while prices last. And, with a low-cost hard money loan from Source Capital, you can snag that ideal property and still have budget leftover for renovations.

What happens if you default on a hard money loan in Minneapolis?

Defaulting occurs when a borrower is no longer willing or able to make payments on a debt. In the case of a mortgage or other home loan, defaulting can put the borrower at risk of losing their home and other assets. 

Because hard money loans use hard assets as collateral, defaulting on a hard money loan may give the lender the right to seize your assets and sell them in order to satisfy your outstanding debt. The home the borrower had purchased may also be foreclosed. 

Minneapolis foreclosure laws

If a Minneapolis hard money loan borrower ceases to make payments  on their loan, or otherwise violates the terms of the agreement, they may default on the loan. In this case, the lender is able to foreclose on the home, forcing the eviction of the residents. (Note: residents should be notified a few weeks in advance.)

After that, Minnesota law holds that the lender is able to sell the home in order to recuperate funds lost due to missing payments from the borrower. The Minneapolis hard money lender may also be able to levy and sell a defaulting borrower’s assets, as these are offered as collateral in order to secure the loan. 

Do Minneapolis hard money loans show up on credit?

One advantage offered by hard money loans is that they don’t require a credit check to be approved. This saves borrowers time, as credit checks can be a lengthy and time-consuming process, giving you a better chance to secure the property you have your sights set on. It also means that borrowers with low credit can be more easily approved.

In addition to this, Minneapolis private money loans secured with hard assets are unlikely to appear on a credit report. However, they may appear on other documentation, like background checks, or a list of assets and liabilities a borrower holds. 

How to get approved for a hard money loan in Minneapolis

Our loan application process isn’t nearly as time-consuming as other traditional loans. Simply fill out a brief form online and leave the busywork to us. It takes less than 10 minutes to complete our loan application, and you’ll receive our reply within 24 hours. If we approve your loan, we’ll provide you with a written offer disclosing our terms in a clear and easy-to-understand format.

If you accept our offer, we’ll wire your funds directly to you in a matter of days. Once the loan is issued, you make monthly online payments through the mail, phone, or direct deposit. If you have questions or concerns at any time, you’re welcome to contact us and we’ll help you.

Source Capital is your premier lender

Skip the long wait and get funding quickly with a hard money loan from Source Capital. We are a trusted hard money lender loved by clients in California, Arizona, and Minnesota. Partner with us, and you’ll receive expert advice from our private Minneapolis hard money lenders throughout the duration of your project. Our seasoned Minneapolis professionals have decades of experience in the real estate market, and they’d be happy to give you an honest opinion to help you succeed.

Looking for a hard money loan elsewhere in Minnesota? Check out these pages:

• Duluth hard money lenders
• Rochester hard money loans
• Hard money lenders St. Paul

Hundreds of clients have walked away satisfied with our services. We’re honored to be a Better Business Bureau “A+” Rated Accredited Business since 2010, and a 5-star rated lender on Google and Yelp. We’re excited to watch you make your investment dreams a reality, so call us today at 888.235.7191 and together we’ll take the first step toward your real estate goals.