Hard Money Lenders For Utah Real Estate Investors
Fast and flexible loan options for investing in the real estate markets of Utah, a state known for its breathtaking beauty and magnificent landscapes.
The Local Utah Lender Advantage
Why Choose 14th Street Capital for Hard Money Loans in Utah
Understanding The Hard Money Loan Advantage
The Local Advantage
Utah’s population grew by around 18.4% during the past decade alone, making it the fastest growing state in all of America. Due to this steep rise in the number of residents year after year, Utah has now caught the eye of both small and big real estate investors.
Even as the portfolio expansion potential looks immense, properties across the state are selling faster than in years past.
In 2020, homes spent an average of just 25 days on the market before being purchased, down from 30 days in 2019. If you want to stay ahead of the curve, you’ve got to make investing decisions at a pace faster than you ever have. Hard money loans can help you achieve all of this and more!
Utah Hard Money Lending Areas Covered
14th Street Capital gives hard money loans in all the leading real estate markets in the State of Utah including:
Wide Range of Hard Money Loan Offerings for Utah Real Estate Investors
Long-term loans for investors looking at developing properties for fixed rental income in Utah.
Short-term loans for repairs, rehab and purchase of non-owner occupied properties in Utah.
Loan offerings designed keeping in mind the short-term as well as long-term requirements of landlords renting their properties in Utah.
FAQs For Choosing Hard Money Lenders In Utah
1. Would hard money loans be a good fit for me if I am looking to buy my first investment property in Utah?
14th Street Capital’s hard money loans are designed for investors looking to get quick access to funds without the red tape typically associated with conventional lenders such as banks and credit unions. This applies to first time real estate investors as well who may not qualify for conventional bank financing or those who cannot afford to wait for the stipulated timeline banks offer for funding to come through.
3. What are the loan terms available?
14th Street Capital offers both short term hard money loans like fix and flip loans as well as longer term loans such as rental loans and landlord loans for real estate investors in Utah. Fix and flip loans are available for a term of 3 to 24 months. Rental loans from 14th Street Capital have a higher term extending upto 30 years. Our loan offerings in Utah also involve interest-only loans for the first 3-5 years followed by a regular amortization schedule.
5. What are the interest rates for hard money loans from 14th Street Capital?
At 14th Street Capital, we do not take a templated, prefabricated approach to loan terms. Instead, our interest rate offerings are tailored to the individual applicant on a case to case basis. Previous experience of investing in real estate, existing or past history of hard money loans with 14th Street Capital, property value and plans for profiting from the said investment, all play a role in determining the interest rate and origination points that borrowers would be subject to when investing in Utah’s real estate markets.
7. What are the requirements for obtaining a hard money loan in Utah?
At 14th Street Capital, our documentation requirements for obtaining a hard money loan in Utah is minimal. You will need to have the down payment amount (15 percent of loan amount) and repayment strategy ready to qualify for our hard money loan offerings in Utah. You do not need to have income proof, credit statements or previous bank account statements when applying for a loan. We do require a letter of intent from the borrower, a note and deed of trust to approve the loan. Property valuation documentation will be done in-house and we charge an upfront fee for the same.
2. What should I be looking for when choosing a hard money lender in Utah?
When choosing a hard money lender, you should consider the interest rates offered, the fees and origination points the lender charges and the loan term offered. When screening potential hard money lenders in Utah, you should enquire about their experience, evaluate their local expertise in the market you are investing in, get to know whether they are a direct lender that uses their own funds and understand the origination points and prepayment penalties that they would charge. In addition to this, having references from other borrowers can also come in handy when opting for a hard money loan.
4. How long does it take to fund a hard money loan in Utah?
The processing times of hard money loans from 14th Street Capital in Utah is significantly faster than conventional lending options and even other hard money lenders. Loan pre qualifications take place in under 24 hours of the submission of the loan application with approvals coming through in a matter of days. The funding typically comes in under 7-10 days of approval of the loan application.
6. Will I be charged a prepayment penalty should I choose to close the loan early?
A prepayment penalty is a fee that hard money lenders charge you if you choose to pay off your loan whether in part or whole, ahead of schedule. For short term loans such as fix and flip loans, 14th Street Capital does not levy any prepayment penalty should you choose to close the loan early. For longer term loans such as rental loans, there is no penalty after one year of interest-only payments.
8. What are origination points and how are they calculated?
Origination points are basically the fees paid to the lender to evaluate, process and approve hard money loans. They are typically calculated as a percent of the total mortgage amount. When you opt for a hard money loan from 14th Street Capital, we charge you 2-2.5 origination points based on your application. Say you take a loan of $250,000 with 2 origination points, you will have to pay $5000 towards origination fees. Borrowers with existing relationships with 14th Street Capital can get a hard money loan in Utah for lower origination fees.