7 Best Hard Money Lenders in Oklahoma

In Oklahoma, it’s easy to find a wide range of things to enjoy about this state. It’s located in the South Central region of the U.S. Its largest city is Oklahoma City, which is a modern urban center that is the home of numerous large corporations and organizations. The state is most notable for its wide open prairies and beautiful eastern forests. As it lies within the Great Plains, it is an area most prone to storms and tornados, but it is also full of resources and opportunities. The region was heavily inhabited by American Native Tribes, and today much of that heritage remains. Yet, the area has grown in terms of population and overall modern amenities. Nearly 4 million people call lit home, with the largest cities including Oklahoma City and Tulsa. The economy here is maintained through energy, aviation, biotechnology, and telecommunication industries.

One of the best reasons to invest in the real estate market in Oklahoma is its affordability. The average purchase price for a residential property in Oklahoma is $159,600 according to the Oklahoma Realtors Association. That makes it a highly valuable region to buy real estate. Many homes come with a significant amount of land outside of the main portions of the city. However, the suburban areas offer modern homes with ample amenities. Those living in Oklahoma have seen home prices rise year over year, though at a less sharp rate than in other states. This is very much regional, though, as some areas remain highly competitive in pricing and quite affordable.

In Oklahoma, 69.6 percent of people own their homes, and 30.4 percent rent them, according to data from the U.S. Census Bureau. Of those, 7.3 percent of rentals are vacant properties. There could be an opportunity here for some people to purchase rental income to meet demand in various areas of Oklahoma. With home prices so affordable, Oklahoma real estate could be a key opportunity for qualified investors.

How hard money loans work in Oklahoma

A hard money loan is a type of real estate backed property loan. It provides an opportunity for investors to obtain a loan for hard to finance properties, such as fix & flip, residential real estate, including single family and multifamily short and long-term rentals, as well as commercial real estate development projects. These loans are harder to obtain through traditional lenders than mortgages or commercial loans due to the significant risk that comes with them, including a much higher rate of default. Hard money loans in Oklahoma can sometimes be the only option available to investors when traditional banks and credit unions do not provide loans for these types of investments.

Hard money lenders in Oklahoma are typically private investors, or financial investment firms made up of a group of individual investors who pool their money together for specific needs like these. In many situations, hard money lenders charge a higher interest rate than traditional mortgage brokers because there is more risk in these loans. They do offset some of that risk with the security of the property. As asset-backed, secured loans, if the borrower stops making payments on time, the lender has the ability to foreclose on the loan, forcing the sale of it to get back some of its investment.

Hard money loans in Oklahoma are typically short term loans meant to provide financing to investors until there is another loan opportunity or the property is sold. Loan terms can vary but typically are between 1 and 5 years. During that time, investors are likely to have sold the property after a flip or have refinanced the higher interest loan into one that is more affordable. They are not meant to be carried long term because of the high cost.

7 Top Oklahoma hard money lenders

Some lenders only offer hard money loans to experienced investors, while other programs can lend to those that are pursuing their first real estate investment.

1. BridgeWell Capital 

BridgeWell Capital got started in 2008 and, according to their website, has funded over $500 million in real estate investment deals. They lend throughout the midwest and eastern part of the country and offer the typical suite of private money financing.

We contacted BridgeWell Capital to learn more about their private lending business and here are some of the highlights:

• Rental loans require 25% down
• Residential and commercial properties ok
• No tax returns or income verification
• 5-year rental loan term
• Fix and flip loans can cover 100% of rehab costs
• Up to 75% ARV
• No interest on undrawn rehab funds
• No pre-payment penalty

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. 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.

3. 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 loan rates 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.

4. 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 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.

5. 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.

6. 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
• New 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.

7. 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.

How are Oklahoma hard money loans from other loans?

Oklahoma hard money loans differ from traditional bank loans in multiple ways. They are not federally backed programs (like HUD or FHA loans). Rather, they are private investor loans, which means there are fewer restrictions and less regulatory oversight with these loans than with others. That also means that lenders get to select who they lend to based on qualifications like credit scores, loan to value, and rental experience.

Another difference is the valuing of the property. Conventional loans typically require the property to have an appraisal in which the current value of the real estate is valued at least as much as the current value of the property, or the loan will not go through. With Oklahoma hard money lenders, it is possible to use the after repair value of the home. Many of these properties require a substantial amount of modernization, updating, and repairs to improve their value. With the after repair value, investors have more of an opportunity to purchase the property through these loans.

Interest rates are substantially higher than what a traditional loan would cost. Rates can range widely but are typically between 8 and 15 percent, and sometimes can be more. Loan qualifications may help to reduce some of those risks. Oklahoma hard money loans are often easier to obtain, but they have higher fees and overall higher costs. For borrowers who cannot obtain a third party loan from a bank or credit union or those who do not want to tap into their savings to fund these projects, hard money loans can prove to be an ideal investment opportunity for short term financing.

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