Hard money loans when speed wins the deal
Short-term, asset-based financing for investors who need to close quickly, renovate, and then refinance or sell. Business-purpose loans only, for non-owner-occupied property.
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Overview
A hard money loan is short-term financing from a private lender that is based mainly on the property and your plan for it. Investors use these loans for fix-and-flip projects, bridge financing between purchases, auction and foreclosure buys, and properties that need too much work for conventional lending. Hard money loans are for business purposes only and cannot be used for a home that you or your family will live in.
The lender looks mostly at the purchase price, the property's current value, its after-repair value and your renovation budget. Many lenders can fund part of the renovation through draws as work is completed. Experience helps, and borrowers with a track record often get better terms. Hard money costs more than long-term financing, which is why every loan needs a clear exit plan, such as a sale or a refinance.
QMS compares private and hard money lenders on speed, leverage, draw process, fees and flexibility at exit. When your documents are ready, we can often get a term sheet quickly and move to closing on a short timeline. When the project is finished, we can refinance you into a long-term DSCR loan or help you plan the sale. All loans are subject to credit approval and lender guidelines.
Commercial, multifamily, hard money, fix and flip and stated income loans are business-purpose loans and are not available for a home you will live in.
Is it a good fit?
- Are buying a property to renovate and resell
- Need to close faster than a bank or long-term lender can
- Are buying at auction or with a short contract deadline
- Need bridge financing until you sell or refinance another property
- Are buying a property in a condition most lenders will not finance
- Have a clear plan to sell or refinance into a long-term loan
What you'll need
- Purchase contract or auction terms
- Renovation budget and scope of work
- Entity documents, if closing in an LLC or corporation
- Government-issued photo ID
- Bank statements showing down payment, closing costs and reserves
- List of past projects or properties owned, if any
- Insurance quote for the property
How it works
How it works with QMS
Review the deal
We review the property, purchase price, budget and exit plan to size the loan.
Get a term sheet
We compare private lenders on speed, leverage and draws and request a term sheet.
Close and plan the exit
We coordinate a fast closing and line up your DSCR refinance or sale strategy.
FAQ
Hard Money loan FAQs
Don't see yours? Call us or send a message. We answer the same business day.
305-425-1990How fast can a hard money loan close?
Many hard money lenders can close in days instead of weeks when the title work, insurance and your documents are ready. Timing depends on the lender's valuation process and how quickly the title company and appraiser respond. Having your entity documents and proof of funds ready before you make an offer helps the most.
Do hard money lenders check credit?
Most do, although credit plays a smaller role than in other loans. The lender focuses on the property, its after-repair value, your budget and your exit plan. Credit and experience can still affect leverage and pricing, and events such as a recent foreclosure may matter. We match you with lenders whose standards fit your profile.
Can I use a hard money loan to buy a home to live in?
No. Hard money loans arranged by QMS are for business purposes only and are limited to non-owner-occupied investment property. If you want to buy a home to live in, conventional, FHA, VA, jumbo and bank statement loans are designed for that purpose. We can review those options with you and help you choose.
What is an exit strategy and why does it matter?
An exit strategy is how you plan to repay the hard money loan, usually by selling the finished property or refinancing into long-term financing such as a DSCR loan. Lenders want to see that the plan is realistic. Before you borrow, we can check whether the expected rent or value is likely to support a DSCR refinance later.
Get started
Know your numbers before you make an offer.
Tell us about your scenario and we'll price it across our lenders the same business day.