Hard Money Loan Funds for Real Estate Investors: Advice for Newcomers

If you have never used hard money before…

Hard money, now more often referred to as private money, is simply a tool that real estate investors use to make money. So think of it that way.

At Buy Now, we don’t want to own property. We want you to own property, make money with it, and then go find another property, make a deal and make more money. That’s the whole point.

Could you go to a bank instead of coming to us? Perhaps. But you will certainly find that banks make you jump through hoops that we never would, and take much longer to get your deal done – if they do it at all – than we will. Private money lenders don’t have to answer to a committee or stockholders – we only look at the viability of your deal.  We don’t wait for (or charge you for) appraisals, we do our own in-house valuation.

Types of Deals Funded by Private Money from Buy Now LLC

  • We fund single-family rehabs, multi-families that are vacant or need rehab, commercial bridge loans, condo conversions, new construction and wholetails (a newer real estate investing approach now popular).
  • We will also fund land, with a 50% down-payment, but only in conjunction with a construction loan for structures.
  • Individual condos are considered based on location.

First Mortgages Only, No Seconds

We fund only first-position loans, and do not fund second-position rehab loans when the conventional financing is in place.

No Owner-Occupied

We do not fund owner-occupied properties, second homes, vacation homes, or houses that your sister is buying for you to move into. You will sign an affidavit stating that you intend never to occupy the property and that the property is not for personal or household use. You must take title in an entity (Inc. or LLC).

Some Additional Hard Money Terms from Buy Now LLC

  • We provide 80-90 % of purchase money and 100% of rehab or construction funds, up to 75% of ARV (After Repair Value). You can calculate this at our How Much Can You Borrow page
  • 1.5-2 points usually paid at the end of the project
  • 12 month-term, depending on the deal

Pre-Approvals for Hard Money Loan Funds

Buy Now can provide a pre-approval letter that you can submit with your offer, but this is not project approval, so please do not consider the letter any sort of guarantee. If you want us to take a quick look at your deal before you make an offer, please go to our Pre-Approvals page.

Please Note!

We only lend in specific areas of Massachusetts and New Hampshire. Please look at Where We Lend before you Contact Us.