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Online hard money loan calculators can help you estimate your total costs.
Alternatives to working with hard money lenders
If you’re a homeowner looking for alternatives to hard money loans, here are several options you may want to consider:
Take out a second mortgage: If you have significant equity in your home, a home equity loan or home equity line of credit (HELOC) can provide funds at a lower interest rate than a hard money loan.
Cash-out refinance your home: This allows you to refinance an existing property and pull out cash to finance new investments, often at lower interest rates.
Borrow from family or friends: Personal loans from family or friends can offer flexible repayment terms and potentially lower or no interest rates, making them a more affordable option.
Use a government-backed loan program: Programs offered by the FHA, VA, or USDA can help purchase homes with lower down payments and reduced interest rates.
Consider peer-to-peer loans: These loans, provided by individual investors through platforms like Funding Circle, function similarly to hard money loans but often feature different terms.
Explore specialized loan programs: Consider specialized loans designed for fixer-uppers or investment property refinancing if you already have a hard money loan and want to replace it.
Request a seller financing option: On occasion, sellers may be willing to finance the purchase themselves, resulting in lower closing costs and looser eligibility requirements.
How to buy before you sell
When you stumble upon your dream home, timing can be everything. Whether it’s a modern downtown condo or a family-friendly house in the suburbs, you might need to act fast. If you want to buy a new Las Vegas home before selling your current one, HomeLight’s Buy Before You Sell (BBYS) program offers a streamlined solution.
This program allows you to tap into your current home’s equity to make a strong, non-contingent offer on a new property. If your home meets the criteria, you can have your equity unlock amount approved in 24 hours or less, with no upfront costs or obligations. This lets you purchase your next home confidently and then sell your existing one without the hassle of moving twice.
Here’s how HomeLight Buy Before You Sell works:
While BBYS comes with a flat fee based on your home’s sold price, the savings in other areas can be notable. You could save on moving expenses, temporary housing, and potentially get a better deal on your new home. Plus, HomeLight’s BBYS fees are generally much lower than bridge loan interest rates, which range from 9.5% to 12%.
3 top hard money lenders in Las Vegas
If you’re a real estate investor in Las Vegas looking for fast and flexible financing, hard money loans can be a game-changer. They give you quick approvals and a streamlined process, making it easier to secure funds for both residential and commercial projects. Here are three of the top hard money lenders you can consider in the city.
