The Best Hard Money Business Lenders - Full Overview
Lendio was established in 2011, and has developed extensively since then. To date, they claim to have provided funds for 216,000 small business loans worth over $10 billion dollars. Lendio is a loan marketplace, so it doesn’t lend you funds directly, rather it lets you compare loan offers with over 75 lenders in the small business area.
- Compare loan offers from over 75 lenders
- Funding in just 24 hours
- Small business loans, business lines of credit, and SBA loans available
- Lendio doesn’t lend money directly
- Eligibility requirements differ according to the lender
In relation to its small business loan offerings, Lendio allows you to borrow from $5,000 - $2 million according to your business needs. You can repay your loan over a period of 1 - 5 years, and interest rates start at just 6%. The application process only takes 15-minutes, and you can receive a decision from Lendio within the same business day.
Lendio is a top loan comparison site as it lets you compare loans from over 75 lenders in all in the same place. You can also receive funding for your business in just 24 hours, which is great for business owners who require cash quickly.
Funders is another online marketplace that provides you with the opportunity to find the right lender for your business. You can select the type of loan and the amount you require, and then the software connects you with a suitable lender. Following this, you can contact a lending specialist who will outline your options.
- Fundera’s services are free to use
- Fundera doesn’t get incentives to work with certain lenders
- Access to 30+ lenders with one application
- Wide variety of top products
- You’ll work with a lending specialist to help you assess your options
- You won’t know your APR on certain loan products until you have applied
- Limited information about why you don’t qualify for some loan products
- Fees and interest rates on certain loan products might be high
In a short time, Fundera has been able to assist more than 35,000 businesses with their financial security by providing more than $1 billion worth of loans. Appreciating which sort of financing could fit your business can be confusing, so it’s great that Fundera matches business owners with a loan specialist - to help you discover which options are best for you and your business.
Fundera provides a multitude of lending and funding options for businesses that require access to money. With a broad network of lending partners and 9+ options for loans and financing this no-fee platform is a suitable option for business owners who want individual attention without needing to hire an expert.
BlueVine, is an online lending service that was established in 2013. BlueVine provides services that aim to help merchants overcome cash flow issues. Specifically, BlueVine provides invoice factoring - a sort of business financing for B2B (business to business) where unpaid invoices are sold at a reduced cost. If your business doesn’t process invoices, BlueVine also provides conventional lines of credit.
- Fast approval process
- Minimum 530 FICO score to be eligible
- PPP loan forgiveness application offered for loans originated in 2020
- Only offered for B2B companies
- Minimum $10,000 in monthly revenue to apply for invoice factoring
- No financing for auto dealerships, medical marihuana businesses, or donation-based non-profits
BlueVine is a financial technology company that provides small businesses with business loans, business checking, and invoice factoring, Their highly competitive invoice factoring services assists businesses with their cash flow difficulties, helping them get greater credit limits by offering 85-90% of the cash upfront.
BlueVine provides as much as 5 million for invoice factoring with an interest rate of 0.25% per week. Qualifications include530 FICO score $10,00 in monthly revenue, three months or more in business, and your business has to be B2B.
BlueVine gives small-business owners various loan options to deal with short-term financing needs. BlueVine’s invoice factoring or business line of credit might be suitable for your business if you need cash fast, have B2B customers, and don't meet the credit requirements set by other lenders.
GoKapital is a real estate loan broker with alternative loan products for entrepreneurs. It provides bridge loans, hard money loans, commercial mortgages with terms of up to 30 years. It also has cashout refinancing, rental investment property loans, ground-up construction, foreign national financing, and more.
- Faster closing - they can close a loan in 2 - 4 weeks
- Low rates starting from 7% with no upfront costs and min documentation
- Up to 90% LTV- you can get up to 100% of renovations const and 75% of the purchase price
- Your loan may not be funded by GoKapital directly
- Pricing and terms aren’t always transparent
- You may be routed towards another sort of financing
GoKapital has a few ways of creating loans for customers. The initial way is to connect borrowers with private lenders - like a marketplace. GoKapital also provides funding for loans in-house, and in this way functions as a direct lender. In certain instances, a combination of the two could be used whereby GoKapital funds part of the loan and a different private lender funds the other part.
GoKapital provides business owners with alternative working capital solutions through its different funding opportunities for business loans. Its application process is simple and expedited.
The Top Hard Money Lenders for Small Businesses - Summarized
Our experts have researched and compiled a table of the top hard money lenders.