Hard money lenders are a godsend for real estate investors who need cash fast, no matter your credit or the mess of a property you’re eyeing. If you’re flipping houses in Texas or grabbing a distressed deal in Florida, finding the right “near me” lender can mean closing in days instead of months—saving you from losing out to cash buyers.
What Makes Hard Money Different
Ever tried banks for a quick flip and got laughed out the door? Hard money lenders focus on the property’s after-repair value (ARV), not your W-2 or credit score. Rates run high 9.5-12% for first-position loans, 12-14% for seconds but terms are short, 6-24 months, with LTV up to 90% on purchase plus rehab. It’s bridge financing for pros who know their exits, like selling or refinancing into conventional.
These folks aren’t your grandma’s bank; they’re investors too, funding deals others won’t touch. Upfront fees hit 2-5%, points included, but no prepay penalties on most. Perfect for newbies with a solid plan or vets scaling portfolios.
Why Go Hard Money in 2026
Rates might ease a hair as traditional lending loosens, but hard money shines for speed 7-10 day closes. With inventory low and flips netting 20-30% ROI, the juice is worth the squeeze if you crunch numbers right. Markets like Phoenix or Atlanta are hot; lenders cluster there for volume.
Downsides? Costly if you drag feet on rehab. But with experience requirements low (some need none), it’s newbie-friendly. I’ve heard stories of first-timers landing $500k on a single-family fix-and-flip, turning it in 90 days for fat profits.
Top National Players You Can Tap Anywhere
Big names dominate nationwide, so “near me” often means online apps with local closings. Kiavi leads for fix-and-flips 7-day closes, rates 7.45%+, 90% LTC in 45 states. New Silver’s killer on rentals at 6.125%+, up to $5M, 40 states. Easy Street Capital? Texas-based but everywhere, 90% LTV, no experience needed.
Lima One Capital funds $10B+, ground-up construction too, 46 states. RCN Capital hits 45 states, bridge to rentals. These guys use tech for quotes in hours—plug in ARV, rehab budget, done.
| Lender | States Covered | Rates (2026 Est.) | Max LTV/LTC | Min Credit | Loan Size | Best For |
|---|---|---|---|---|---|---|
| Kiavi | 45 + DC | 7.45%+ | 90% purchase, 100% rehab | 600 | Up to $5M | Fix-flips, fast close |
| New Silver | 40 | 6.125% rentals, 9.5% flips | 90% flips, 80% rentals | 650 | $5M | Rentals, low rates |
| Easy Street | Nationwide | 7.45%+ APR | 90% purchase, 100% rehab | 600 | $2M | Beginners, no exp. req. |
| Lima One | 46 | 8.5%+ | 85-90% | 620 | Varies | Construction, rentals |
| RCN Capital | 45 | 9.5-12% | 75-90% | 600 | $2M+ | Bridge, multifamily |
This table’s your roadmap—match your state and deal type, call for a quote. Fees 2-4%, but speed pays.
Finding Lenders in Hot States
Texas? Austin’s packed Easy Street HQ, plus local outfits like Gauntlet Funding for 10-12% deals. Florida flips? Miami loves Constitution Lending (9.5-12%, 75-90% LTV). California? HCS Equity does 10-12% firsts, equity-focused. New York? Express Capital, 47 states but strong East Coast.
Head to sites like Private Lender Link for state top-10s quarterly updated. Search “hard money [your city]” on Google Maps, but vet reviews on BiggerPockets forums. Network REIAs; locals spill who funds what.
Rates and Terms Demystified
Expect 9.5-12% interest, monthly payments interest-only. Points 2-5 upfront, baked into APR. LTV caps 70-90% ARV; lower your risk, better terms. Rehab? Many cover 100% costs if itemized.
Credit 600-650 min, but irrelevant if equity’s deep. Terms 12 months standard, extensions 3-6% fee. No income verify ARV appraisal rules. Second liens? 12-14%, riskier.
Regional Favorites by Deal Type
Fix-and-flip kings: Kiavi everywhere, Upright in Midwest (35 states, 93% repeat). Rentals? New Silver or Residential Capital Partners (8.5%+, $5M). Multifamily? RCN or Stratton Equities.
Southeast? Lima One dominates. West Coast? Avoid high-reg states like NV if possible. Pro tip: Bundle with title services for smoother closes.
How to Qualify and Apply
Exit strategy first lenders grill on your comps and timeline. Submit deal packet: ARV appraisal, rehab bid, purchase contract, borrower resume. Online portals spit quotes fast.
Build rapport start small, prove flips, unlock bigger lines. Joint ventures? Some co-invest for skin in game. Fees? Negotiate on strong deals.
Costs Beyond Interest
Origination 2-4%, appraisal $500-1k, wire/doc fees $1k+. Total cost 12-18% annualized, but flips under 6 months? Effective 6-9%. Compare to lost opportunity conventional takes 45 days.
Watch draw schedules for rehabs inspections every phase. Prepay free on most, but confirm.
Pros, Cons, and Pitfalls
Pros: Lightning speed, flexible underwriting, no seasoning. Cons: Wallet-draining rates, balloon payments. Pitfall one: Overestimate ARV deals die. Two: Slow rehabs trigger defaults, 5-10% penalties.
Three: Shady locals—check licenses, BBB. Model 1.25x debt service; hold reserves.
Steps to Land Your Lender
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Nail deal analysis ARV 30%+ profit post-costs.
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Scout 3-5 quotes via broker or direct.
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Get term sheet, lock rate.
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Appraisals, draws, flip!
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Brokers like Stratford cut legwork, nationwide reach.
Build for Long Haul
Repeat borrowers snag 0.5-1% off rates. Track metrics—close speed, ROI. Go green rehabs for appeal. 2026? Volumes up 15% as rates dip, more competition lowers costs.
Network meetups, join Facebook groups. Your first deal’s toughest; scale smart.
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Quick State Spotlights
Florida: Constitution, high LTV flips. Texas: Easy Street, construction. CA: HCS, equity plays. IL: Upright, portfolios. Nationwide backups always.
Hunt local via REIA, but nationals cover gaps. Questions? DM me vibes from forums.