Hard Money Loans in West Virginia

Hard money lenders in West Virginia are private money lenders for investors looking for short and long-term rental opportunities.

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7 Best Hard Money Lenders in West Virginia

Key Terms

  • A hard money loan in West Virginia is a type of real estate financing tool that allows investors purchasing fix and flip, rental income properties, or other commercial real estate development to get the funds they need.
  • As a hard money loan, the terms and conditions are different, with lenders being far more in control of interest rates, terms, and overall structuring of the loan.
  • Most hard money loans are property loans that are only in place for five years, after which the borrower must have sold the property or refinanced it into another loan.

Located in the Appalachian area of the country, West Virginia is best known for its dense forests and mountain terrain, yet it is also a beautiful place to buy a home and offers suburban and city life in places like Morgantown and Weirton. The state is home to about 1.7 million people, and much of it remains remote or less developed thanks to the hills, mountains, and more difficult terrain. West Virginia has long had a strong coal mining industry, while other components of its economy include logging and green energy.

Over the last few decades, the area has also grown to be a tourism-centric area specifically for whitewater rafting, skiing, hiking, backpacking, and hunting. It has a low cost of living, too, which makes it an ideal place for many to live.

The median purchase price of a home in West Virginia is $160,000 according to the Kanahwa Valley Realtors Association. That on its own showcases just how affordable it is to buy a home in this real estate market. Real estate in West Virginia is readily available, and there are some areas of new development. The state’s cost of living is quite low, which makes it easier to buy property, especially because home loan rates are low. The area has seen home values grow but at a moderate and more sustainable pace than other regions of the country.

For many people, the goal is to purchase rental income property. West Virginia could be a good place to do that. The U.S. Census Bureau states that 69.3 percent of people polled say they own their home, while 30.7 percent state they rent and live in apartment buildings or residential properties. Of those rental properties in the state, 3.2 percent of them are vacant, which could indicate that more people may be looking for rental properties throughout the state.

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How hard money loans work in West Virginia

When buying a property for investment purposes in West Virginia, you may wish to reduce some of the risk associated with the investment. Getting hard money loans could be one way to do so. These loan products are secured loans, meaning the house itself is the collateral for the loan. Private investors and investment firms typically provide these loans, and they use that security as a way to reduce some of the risk in providing the loan. That is because they can recoup some of the investment they make into the property through the foreclosure process if it becomes necessary to do that. Most lenders do not want to go through that costly process, which is why they are very particular about who they lend to.

Hard money lenders in West Virginia set the terms and conditions for the real estate loans they issue. They have more control over this compared to most loans through banks, mortgage brokers and credit unions because they are not overseen by the federal government. Borrowers know this risk heading into the loan, but because they are purchasing higher risk property, it can be a good investment opportunity for the borrower.

There are a number of differences in hard money loans in West Virginia compared to other types of loans. These loans have a short 1 to 5 year term, for example, with the expectation that borrowers will refinance the loan or sell the property before paying off the debt. Also, these loans have a higher interest rate and fee schedule. These costs can range from 8 to 15 percent in some situations. The higher cost is due to the higher risk lenders take on and the shorter term of the loan.

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7 Top West Virginia hard money lenders

If you’re ready to learn more about the best hard money lenders in West Virginia, 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. Tidal Loans

Tidal Loans is based in Houston but provides hard money lending to real estate investors located in many states across the United States. They primarily focused on fix and flip loans, multifamily properties, bridge loans and rental property loans.

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

  • Rental property loans available for up to 30-year terms and a cash out of up to 80% LTV.
  • Interest only for three or five years
  • 85% LTV available on purchase properties
  • No experience required
  • No tax returns 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. 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.

4. HouseMax Funding

HouseMax Funding is based out of Austin, Texas but has a national footprint when it comes to real estate industry lending. Started by Jeff Fetcher and Alex Morris, HouseMax provides asset-based loan financing to investors for real estate transactions.

We reached out to HouseMax to learn more about their hard money lending program and here is what we found:

  • Minimum loan amount is $75,000
  • Lends up to 75% of the after-repair value (APV)
  • 1-3 points origination charge
  • 3 months reserves required
  • Direct lender that approves loans internally and funds using their own private capital.
  • Lends in urban and suburban communities in all 50 states.
  • Goal is to close loans in 10 days or less.
  • Specializes in fix & flip loans, construction and rental loans
  • Multi-family and commercial properties are ok

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. 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.

6. 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.

7. 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 main advantages of a West Virginia hard money loan?

West Virginia hard money loans can provide borrowers with a number of advantages, especially if they are unable to secure a loan through a conventional lender for their investment property. That’s not uncommon since most conventional lenders are not willing to lend on properties that need a lot of structural renovations or upgrades or on properties that will not be occupied by the owner (hard money loans are not meant to cover the cost of a personal residence for the borrower).

The biggest benefit of these loans is that the value of the home to obtain the loan may be based on the after repair value of that property. That means the lender is willing to look beyond the current state or condition of the home to what the home will be worth when it is updated when considering whether or not to lend. For borrowers who are engaging in fix and flip homes, this is a big deal, and it is not something you can obtain through traditional loans in most cases.

Another of the West Virginia hard money lender’s benefits is that they tend to be more lenient and willing to work with borrowers who have an unproven track record with investment property. Though most will require a down payment, the amount is really up to what you and the lender agree to and may be substantially less than what is offered through a traditional mortgage loan. These loans are also likely to have some credit qualifications, but you may be able to secure a loan with a credit score that is lower than what is needed for a traditional loan.

Though interest rates are higher and fees cost more, hard money loans can be lucrative investments for borrowers.

Looking for a hard money lender in a different state?

If you want to find the best hard money lenders in other states, click on your state below.

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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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