Frequently Asked Questions
How quickly can I get a hard money loan?
Approvals can be granted in as little as 24-48 hours. Most loans get funded with 10-14 days of completing the loan application.
​Can I get a pre-approval letter?
Yes, most of the time in the same day it is requested.
Will you lend on a primary residence?
No. State and Federal laws have strict disclosure requirements for consumer mortgage loans.
What are the loan terms?
Every hard money deal is unique and can be customized with different lending criteria, different point structures and interest rates. As a general rule, count on an interest rate of 13%, and you will probably have to pay anywhere from 3-4 points.
Do I have to put my own money in the deal?
Typically yes, money from the Investor is required to ensure both parties have “skin in the game.” We will generally lend you up to 70% of the after repair value, Thus, if you buy right, you may be able to get a loan for 90% of the purchase price and 100% of the rehab costs.
Do I need an appraisal?
Typically not, we can typically value a property internally or by a real estate broker…. In rare occasions an appraisal is required.
I have a low credit score. Can I get a hard money loan?
This depends on several factors including your exit strategy, sources of income, and real estate investing experience but in most cases a credit score in NOT that relevant unless you are looking to refinance through conventional lending.
Are you a licensed lender?
Lakefront Capital, LLC is not a licensed “mortgage lender” and does not lend money on primary/principal residences. We are a commercial/investment lender. All our loans are either funded by us or by one of our private capital sources.
What type of properties do you fund on?
We lend on residential investment properties and “light” commercial, such as 1-4 unit properties, smaller apartment buildings, mixed use or office buildings, and single family homes. We have relationships with other commercial lenders that handle larger projects, so feel free to contact us and we can refer you.
How do I get a hard money loan?
The process is much more streamlined than with traditional lenders, enabling you to obtain money faster. Please see the explanation in the “Lending Process” section of this website and/or download our Free Report entitled “Seven Steps to Guaranteed Hard Money Loan Approval.”
What documents do I need to get started?
Start with completing the Loan Application. Once we determine your loan fits within our lending guidelines, our underwriter will reach out and share with you a short list of documents to provide.