Call the Top Hard Money Lenders in Washington County at 240-436-2340!
We offer short-term hard money loans to real estate investors in Maryland, including Washington County. All our loans are collateral-based, and we secure them against investment properties you wish to purchase or already own. We don’t lend on owner-occupied homes; we specialize in offering private mortgage loans to rehabbers looking to make a profit on their investments.
If you’re looking for a quick loan for your next residential or commercial property renovation project in Washington County, contact New Funding Resources today!
Our Washington County Hard Money Loans Deliver:
We provide pre-approvals in as few as 24 hours and can fund your loan in five days or less.
Our team of local experts is focused on ensuring a smooth closing and timely support of your renovation project.
Our proprietary underwriting criteria focuses on your deal’s potential, not your credit or income.
As the top hard money lender in Washington County, we know the local market inside out and have boots on the ground to make your rehab a success.
Our hard money loans are designed to keep your costs low and help maximize your profits.
Peace of Mind
In business since 2006, we’ve built our reputation on delivering on our promises and treating our customers as valued business partners.
Our Washington County, MD, Hard Money Loan Underwriting Criteria:
- Investment/commercial loans ONLY
- First lien only
- Interest-only monthly payments
- Up to 100% purchase financing
- Up to 90% loan-to-cost
- Up to 65% of rehab’s after-repair value (ARV)
- Pricing depends on investor experience
- Fix-and-flip loans
- Rehab-and-rent loans
- Cash out to finish construction
- Foreclosure and pre-foreclosure sale loans
- Loans to refinance another hard money loan
- Non-recourse IRA lending
- Non-owner occupied ONLY
- Single-family residential
- Condo units
- Office buildings
Our Private Mortgage Loans Are Based on Several Simple Factors
We recognize that successful real estate transactions come in different forms and shapes. This is why we believe in the power of compensating factors. We underwrite each hard money loan request holistically and evaluate its strength based on three fundamental factors:
- The Collateral. How much is our borrower paying for it? What is the current condition of the property? How much would it cost to rehab it? What is the after-repair value of this Prince George’s County property?
- Borrower Character and Experience. How much experience does the borrower have rehabbing, flipping or managing real estate? How much of their own money do they plan to invest in this transaction? What is their credit and employment history?
- Proposed Exit Strategy. What is it? How long would it take to execute it? Is the borrower realistic in how much money, time, and effort it would take?
Have questions about hard money loans? Call the leading hard money lenders in Washington County at 240-436-2340.
Your Local Hard Money Lenders in Washington County
You might be looking for a way to make a quick profit by flipping a property in Washington County. Or, you might have set your eyes on building long-term wealth by rehabbing and holding it in your rental portfolio. Regardless of your financial strategy, we can make our hard money loans fit right in. From deciding whether to flip or hold to ensuring the success of your exit strategy, our team will offer local market-tested expertise and guidance.
At New Funding Resources, we are no ordinary private lending company. We truly care about borrowers’ financial success and are ready to help them at any time. We are a direct lender and offer significant flexibility when underwriting our files. Headquartered at the heart of Montgomery County, Gaithersburg, MD, we are the highest-reviewed private hard money lender in the DMV area.
For any questions about how you can start making money flipping houses in Washington County, contact New Funding Resources.
Why choose New Funding Resources as your Washington County hard money lender
The purpose of our hard money loans in Washington County is to help local real estate investors make a profit by providing a unique source of funds to buy, rehab and sell a property. There are three major reasons why, without private hard money lenders, real estate investing would be limited to those with deep pockets.
Many investors would simply not qualify for a loan.
Some folks don’t have a sufficiently high credit score, have dings on their credit, or do not show enough income to qualify for a traditional loan. Others would be turned down by their bank because they already have too many mortgages. Without access to private funds, these borrowers would have no choice but to sit on the sidelines and watch other people make money.
Many properties would not qualify for financing.
Conventional lenders typically base their loans on the current condition of the property. With few exceptions, they lend to consumers, not rehabbers, so they require a property to be “livable” right away. They don’t want to lend on properties that are damaged, trashed or don’t have a functioning kitchen or bathrooms. Hard money lenders focus on the property’s potential or what it can be once an investor finishes up its rehab. For example, at New Funding Resources we base our loans solely on the after-repair value of the property.
No ability to compete with cash offers.
A great investment opportunity often comes with a seller who is either under time pressure to sell or needs to close with a minimum hassle. An all-cash offer is hard to compete with – unless you are working with a hard money lender like us. No distressed seller would wait sixty days for a bank to approve a loan. In contrast, a good hard money lender should be able to fund a loan within a week or so. Because of their speed, hard money loans are widely considered equivalent to all-cash offers.
As the premier hard money lenders in Washington County, we serve the following communities: Hagerstown, Boonsboro, Clear Spring, Funkstown, Hancock, Keedysville, Sharpsburg, Smithsburg, Williamsport and anything in between.