6 Best Hard Money Lenders in Maine


Hard money lenders in Maine are a tool for financing fix & flip investment properties and long term rental purchases.

Key Terms

  • Maine hard money lenders provide access to competitively priced real estate loans to allow for the purchase of higher risk residential real estate and commercial properties.
  • Most hard money loans have higher interest rates than traditional loans but also have a shorter repayment period.
  • Hard money lenders often have lucrative offers for borrowers and are often willing to create loans that fit their specific needs.

Located in the Northeastern portion of the country, Maine is noted for its beautiful landscapes and its more relaxed lifestyle. It sits on the Atlantic Ocean, which helps make waterfront properties here highly valuable. Yet, the area is also densely wooded and known for its more remote communities. Maine is home to around 1.3 million people. It has a strong economy that’s based on taxation and shipbuilding, as well as other natural resources. It also has a strong tourism industry and numerous coastal towns like Portland that attract people from around the world. It’s easily accessed by airport or highway, with numerous commercial districts throughout the region.

For those considering investing in the real estate market in Maine, it can be a competitive market. The area’s home values are high in some areas and very low in others. The median purchase price of a home in Maine is $276,000 according to news reports, which is a bit higher than some areas in the New England region but lower than most surrounding states. The area has seen home prices rise year-over-year for the last several years thanks to lower inventory and low interest rates, allowing property to build equity quickly.

When it comes to rental investments, Maine is a location with a strong rental history. The U.S. Census Bureau reports that 61.6% of people own their homes in Maine, meaning 38.4% rent. That is quite a large number of renters compared to similar states in economy and size. More so, 2.7% of those rental properties are vacant. That’s quite low compared to many other states and could signal that buying to rent could be an investment opportunity for many borrowers in this area.

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How hard money loans work in Maine

To invest in real estate in Maine, hard money loans could be one of the best routes to take for some borrowers. A hard money loan is an asset-backed private money loan. That means the private money lender, who in this case may be a private investor or an investment company, loans the funds to the borrower with the expectation of repayment. Should the borrower stop making payments as agreed, the lender has the legal right to force the sale of the property through foreclosure. Because of this ability, hard money lenders in Maine are often willing to lend on properties that could be considered a higher risk, like fix and flip residential properties or first-time commercial real estate investors.

Maine hard money lenders offer these rental loans based on the value of the home. However, this may be the value of the home after repairs are made. Many borrowers of these loans use them for fix and flip properties where the initial condition of the home is not ideal. They intend to purchase the property, improve its value, and then resell it. Many lenders will provide more liquidity to borrowers by valuing the loan on the after repair value rather than based on the current condition of the loan. More so, these loans can be used for other types of higher risk properties, such as bridge loans for new construction work as well as for rental income properties.

Quite often, hard money loans come with a higher interest rate than what could be found on a traditional loan. However, these interest rates are higher because of the higher risk of default on these loans. Lenders take things like credit score and down payment into consideration, though, which could make these rates more competitive. Also, because these loans are short-term at between 1 and 5 years, the overall cost of interest is competitive for borrowers and makes these loan opportunities still a viable option overall for investment needs.

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6 Top Maine hard money lenders

If you’re ready to learn more about the best hard money lenders in Maine, here are the top options we’ve found through our research.

1. New Silver

New Silver started in 2019 by Kirill Bensenoff and Alex Shvayetsky. They offer a variety of private money lending products like fix and flip, rental, ground up and personal loans.

We contacted New Silver Lending to learn more about their private lending business and here are some of the highlights:

  • Origination fee from 1.875%
  • Loan to cost up to 90%
  • 100% construction financing available
  • Loan to ARV up to 80%
  • Terms are typically 24 months
  • Loan amounts are from $100,000 to $5 million
  • Minimum FICO score is 650
  • No hard credit pull required

When you’re ready to connect with a loan officer, use our form to quickly match with eligible loan programs based on your specific circumstances.

2. LendSimpli

LendSimpli is a hard money lender based in Tampa, Florida. They can lend nationally in most states but may not be able to lend if the property is in a rural area. Founded by Brenden Crampton and Matthew Davies in 2018, they have nearly four years of experience in the private lending real estate investing market.

We reached out to LendSimpli to get more details about their bridge loan product and lending process and this is what we found:

  • Loan amounts up to $5 million for 1-4 unit properties
  • Loan amounts up to $20 million for 5+ unit properties
  • Single family (1-4 units)
  • Multifamily (5-20 units)
  • No owner-occupied properties
  • Loan terms 12-24 months
  • Interest-only payments with rates starting at 8.50%
  • Max LTC is 90% of project costs
  • Minimum credit score is 660
  • Prefer that you have at least two transactions in the past three years

When you’re ready to connect with a loan officer, use our form to quickly match with eligible loan programs based on your specific circumstances.

3. Fund That Flip

Fund That Flip is a hard money lender based in New York that focuses on short term bridge loans for real estate investors looking to flip properties. Founded by Matt Rodak in 2014, Fund That Flip lends in most states.

We contacted Fund That Flip to learn more about their bridge loan program and here is what we found:

  • Up to 80% LTC and 70% ARV ratios for your project
  • Rates start at 9.99%
  • Direct lender with discretionary capital
  • Ground up construction projects ok
  • 10% down payment required

When you’re ready to connect with a loan officer, use our form to quickly match with eligible loan programs based on your specific circumstances.

4. EquityMax

EquityMax is based out of Florida and most of its business in the state but is able to lend throughout the United States. Founded by Brad Emmer in 1990, EquityMax has decades of experience as a hard money lender.

We reached out to EquityMax to learn more about their hard money loans and these are the key highlights that you need to know:

  • Single Family Homes
  • 1-4 Multi-Unit Properties
  • Condos and Townhomes ok
  • Commercial property and Industrial Warehouses OK
  • Direct lender that has decision making over financing deals.
  • Can originate loans to individuals, LLCs, corporations, land trusts and self-directed IRAs.
  • No prepayment penalties
  • No minimum credit score required

When you’re ready to connect with a loan officer, use our form to quickly match with eligible loan programs based on your specific circumstances.

5. Stratton Equities

Stratton Equities is a nationwide direct hard money lender for real estate investors. Founded by Michael Mikhail in 2017, Stratton Equities has over five years of experience in the private lending market.

We reached out to Stratton Equities to get more information about their hard money lending program and here are some highlights:

  • Loan amounts from $100,000 up to $5 million
  • Investment properties only
  • Single-Family, Condos, Townhomes, Multi-Family, Commercial, Mixed-Use, Office, Retail, Industrial and Warehouse are all ok
  • Up to a 75% LTV
  • Rates start at 7.25%
  • Interest only payments
  • Loan terms are 9-24 months
  • Foreign nationals are eligible
  • No prepayment penalty option is available

When you’re ready to connect with a loan officer, use our form to quickly match with eligible loan programs based on your specific circumstances.

6. Easy Street Capital

East Street Capital is based in Austin, Texas but lends nationwide except in North and South Dakota. Founded by Stephen Hagerman in 2016, Easy Street Capital has over six years of experience in the real estate investing world.

We reached out to Easy Street Capital to learn more about their hard money loans and this is what we found:

  • Interest rates range from 6.9% – 10.9%
  • Points range from 2-3
  • There is a $1495 document fee
  • No minimum credit score required
  • Down payments of at least 10% required
  • Renovation financing ok
  • Fix and Flip loans do not typically have prepayment penalties

When you’re ready to connect with a loan officer, use our form to quickly match with eligible loan programs based on your specific circumstances.

What are the advantages to using a Maine hard money loans?

Hard money lenders in Maine have very specific lending criteria and rules, but they tend to offer some key benefits to borrowers that are hard to find in other types of loans. One core benefit is, as noted, the after repair value of the home when determining value. Unlike other loans, these loans may also provide funding to help cover the cost of the repair, often helping investors to keep capital more accessible. There are still fees and interest rates on them, but they may be more accessible than some borrowers realize.

Another of the advantages of hard money loans is that they can close faster. Often, these loans can close within 30 days, though some may run longer than that. For borrowers, that can be important, especially when it comes to closing quickly to secure a deal. For those who cannot wait for the traditional 60 to 90 day close, that can prove to be quite important. In addition, the loans tend to be more accessible to borrowers without as many home inspections and rules about repairs that some federal government programs have.

Also, note that many hard money lenders are willing to work closely with borrowers to create a loan that works for the situation. That means that they may accept a lower credit score from a borrower if the property has a high level of equity in it. On the other hand, for borrowers that have a solid credit score but do not want to have a large down payment, the lender may work with the borrower to craft a loan that works for that need. This type of flexibility is much harder to find in traditional loans from big banks, who often have a significant amount of regulatory oversight and limited loan options.

If you’re looking to explore hard money in other states, check out our national overview of hard money lenders as a starting point in your search.

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Joshua Holt

Joshua Holt is a licensed mortgage loan originator (NMLS #2306824) and founder of Biglaw Investor. His mortgage expertise lies in the areas of professional mortgage loans, particularly for lawyers, doctors and other high-income professionals. Prior to Biglaw Investor, Josh practiced private equity mergers & acquisition law for one of the largest law firms in the country.

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