In Search of Hard Money Jumbo Loans?
What happens when real estate investors have a massive project in mind? You want to purchase a multi-million dollar property, rehab it, and sell it for a profit, also known as a fix and flip deal. There is one thing holding you back; the bank will not even entertain your idea.
Many lending companies cap their loan amount at $800,000 or less. Thankfully, jumbo loan lending organizations offer a solution. Many jumbo loan lending companies can approve and fund jumbo loans for multi-million dollar projects.
We have put together this information to help you understand how jumbo loans work and how you can apply for these loans. Our partners make the jumbo loan application and approval process seamless and stress-free.
What Are Jumbo Loans From Hard Money Lenders?
If you are unfamiliar with hard money jumbo loans, you first need to know what the loan entails. This loan amount is typically over $800,000, making them too risky for most conventional lending organizations.
As a hard money lender, the caps of conventional loans are non-existent. You won’t have to worry about being turned down for a jumbo loan simply because you have an ambitious project.
If your multi-million real estate project is viable, our partners will be happy to discuss it with you and help your ideas come to life. They will walk you through the process and remain transparent throughout.
EXAMPLE LOAN SCENARIOS
What Are the Qualifications for a Jumbo Hard Money Loan?
A jumbo loan lender usually only requires a few qualifications for your fix and flip loan. Consider the following requirements and ensure you can meet them.
Equity or Money Down
A lender may ask for a down payment because they want to see you are vested in the project. Putting up some of your own money shows you are committed to seeing the project through to the end. The money down percentage will range between 10 to 30% for most hard money lenders.
Proof of Ability to Repay the Loan
Lending companies that offer jumbo loans will want to verify that you can repay the loan on time. They need to know you have cash reserves for paying for any holding costs and your monthly loan payments.
It is important to note that the higher your cash reserves, the more likely you are to get approved for your loans, even if your credit score or financial track record is lacking. Of course, your goal is to rehab the property and sell it as quickly as possible, saving you on interest costs.
MORE EXAMPLE LOAN SCENARIOS
Get Fast Pre-Approval on Hard Money Loans
Our lending partners are committed to your success. They offer hard money jumbo loans to help you fund much larger projects than conventional loans allow.
Get started today and get fast pre-approval on your hard money jumbo loans. Share your ideas with our partners and they will help you bring your dreams to life with the jumbo loans you need.