Fast Hard Money Loans For Experienced Investors

Delancey Street provides hard money loans nationwide to investors who have a verifiable track record. We fund up to 70-80% LTV, and focus on residential projects such as: buy and hold, fix and flips, and commercial real estate acquisitions. The biggest factor we look at is the experience of the investor and the LTV of the project they're requesting assistance with.

80% LTV

We fund loans up to 80%
LTV with no issues.
We DO NOT do 100% financing.

Fast

We promise to treat you
like a partner.
We don't like wasting time

No $ Limit

No limits on what we can
do for you.
We max out at 80% ARV.

70-80% LTV For Seasoned Developers Nationwide

Fix and Flip, Cash-out Refinance, and Acquisition Loans
For Experienced Real Estate Developers.

We Fund Real Estate Projects Nationwide

We fund projects nationwide, ranging from fix and flips, to commercial acquisitions. Bottom line, we can help - regardless of the size, or difficulty of the project. We do not do 100% financing - and prefer working with experienced real estate investors.

Recently Funded Projects

Hard Money

Financing for fix and flips, commercial estate, and acquisitions / refinancing
Financing up to 70% of the After Repair Value
We charge 9-10% on average, with no junk fees

North Carolina Fix and Flip Loans

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Finding a funding source for a fix and flip home isn’t limited to loans. Funding your project means you need enough cash and you need to profit. A funding source for a project in North Carolina may mean applying for a hard money loan, a personal loan, or finding a partner to fund the project. A business plan for the house you want to fix and flip is necessary before you look for funding sources.

Your business plan should include information about your property and the neighborhood. You should also include comps for the area. Your timeline and costs are the part your business plan that a seller will study the most. To make sure you get enough money for all your costs, hire an appraiser and contractor to help you produce your estimates. Include all your expected costs for the house flip in your business plan.

Expected Costs:

  • Cost of the house.
  • Costs for owning the home (HOA, utilities, payments).
  • Fees for real estate agents.
  • Closing fees.
  • Materials and labor for the renovation.

When you have a good business plan, you are ready to fund your project. Networking is an important part of sourcing funding. If people in the real estate community know and trust you, you can spread the word every time you have a new project. While this may not get you all the money you need there are benefits to knowing others in the community where you choose to fix and flip houses. You may find a partner or a mentor while you are networking with other real estate investors and professionals.

Funds for Your Fix and Flip House:

  1. AcquaintancesThe people you know may produce the funds you need. Family, friends, and other acquaintances are a wonderful way to practice presenting your business plan for funding. Real estate is known as a promising investment and many people are interested in short-term profits.
  2. Partner with SomeoneSometimes it is easier to fix and flip a house with a partner. Not only can they help fund the project, but they may offer the support you need to complete the flip. If they have contacts or can mentor, you on your first project a partner is a comfortable way to get your business started. Determining how much you want your partner involved is something you would both agree on and put in a contract.
  3. Use Your Home EquityIf you have more than 20% equity in your home, you may want to apply for a loan or a line of credit. A loan is a bulk sum, while a line of credit is money you draw on as you need it.
  4. 401kCheck your 401k and see if you can take a loan against it. You may be able to take 50% or up to $50,000. When your fix and flip is done you can pay off the amount of your loan and keep your retirement intact.
  5. Personal LoansA personal loan may fund your project up to $50,000. You can use this loan for anything and take three to seven years to pay it back. A credit score above 650 is ideal for a personal loan.
  6. Seller FinancingAn owner financed property can help you produce the bulk of what you need to fix and flip a house. They should still see your business plan, and everything needs to be in writing. Offering a balloon payment at the end of your fix and flip may help you get the seller to finance short-term.
  7. Hard Money LoansA hard money loan is a loan you can apply for through private investors or individuals. They are easier to get than a loan with a bank. These loans usually last for a year and charge a higher interest rate.
  8. Business Line of CreditA business line of credit for a property in North Carolina is usually obtained by seasoned investors. It is like a home equity line of credit in the way that you draw out what you need. Good credit and an extensive portfolio are required for a large credit line.

When investors are making a real estate purchase, they can sometimes be patient while applying for a mortgage. However, in many cases, they may need the money for the purchase as quickly as possible to keep other investors from buying the property. When this is the case, obtaining a hard money loan may be the best option. With an approval process of often less than one week, little concern about the investor’s ability to repay the loan, and providing flexibility for use in various projects, these loans can often be the solution to an investor’s money problems. However, to be used as effectively as possible, investors should know as many details as possible about these loans.

Investment Purposes Only
In most cases, a hard money loan is used only for investment purchases, and not for those purchasing properties in which they will live. Instead, these loans work best for investors seeking to buy fix-and-flip properties, where they will buy, repair, and sell quickly at a profit. For other investors, hard money loans work well in starting construction projects much faster than anticipated. As one of the biggest perks of these loans, they can be used for many different types of investments, so it pays for an investor to seek out a hard money loan lender to discuss their plans in greater detail.

Finding a Hard Money Loan Lender
Since these loans are not made by traditional banks, some investors may think it will be hard to locate a lender. However, that is usually not the case. In most instances, an investor can simply ask other investors or real estate professionals they know, which will often lead them to numerous sources of these loans, which are generally private individuals and institutions. For best results, it is recommended an investor meet with several lenders if possible, allowing them to compare loan terms and conditions before making a final decision.

Hard Money Loan Terms
In many ways, these loans differ from traditional mortgages. One of the biggest differences involves the payback period, which is much shorter for a hard money loan. While a mortgage is paid back over 20-30 years, a hard money loan is often paid back in only 12 months. Because of this, it is vital the investor have a solid plan in place to sell the property they are buying within this time frame, or else they will risk not being able to pay back the loan on time. Along with this, a hard money loan does not have equal monthly payments applied toward principal, but instead interest-only payments, with a large balloon payment as the final payment.

Financial Difficulties are No Concern
When applying for a bank loan, much emphasis is placed on an applicant’s past financial history. Thus, if bad credit, bankruptcies, or other difficulties are in a person’s past, the loan will likely be denied. However, when applying for a hard money loan, past financial problems do not matter to the lender. Since the property being purchased will be the loan’s collateral, the lender will come out ahead no matter what happens. Whether the loan is paid back on time, extended by the investor at higher interest rates, or the property is foreclosed upon by the lender, the lender generally has nothing to lose by providing the funding for an investor’s project.

Investigate Other Funding Sources First
Before committing to a hard money loan, it is best to investigate as many different financing sources as possible. Since hard money loans have very short payback periods, double-digit or higher interest rates, and many fees associated with them, they can sometimes cause more problems than anticipated for an investor. Therefore, before signing on the dotted line, make sure all financing sources have been exhausted.

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