The saying that home is where the heart is couldn’t be truer when it comes to the Keystone State. It’s why I headed back here when I decided to start investing in real estate about a decade go. It’s also why I wasn’t too surprised when my old buddy said he was hightailing it back home, too, after leaving his corporate job down south. Rob was successful but unfulfilled. He knew I had been enjoying a career purchasing distressed properties in Pittsburgh and wanted to pick my brain on how he can go about doing the same.
Rob was curious but held back by the idea that a lot of his own money would be tied up in a property. And, he knew that if he waited weeks to close on a typical bank loan, he’d lose the best deals. So, when we met up at the Allegheny Coffee and Tea Exchange later that week, I told him about the best hard money lenders here in Pittsburgh and what they offer.
The Top Hard Money Lenders in Pittsburgh
You need hard money, especially when just beginning to invest in real estate, but who has the time to sit on the phone or search the Internet to make an apples to apples comparison of the different lenders. Randomly choosing a hard money lender in Pittsburgh isn’t an option either because you’re likely to end up with terms and rates that don’t make sense for your particular project. I didn’t want that to happen to Rob—or you—so I curated a list of the most reputable hard money lenders in Pittsburgh that I rely on.
Residential Capital Partners (ResCap)
ResCap is a national hard money lender that caters to investors nationwide, including in Pittsburgh. What makes this hard money lender attractive is that you generally don’t have to put any money down. And, you can get pre-qualified in just two days so you can confidently make an offer quickly when you find an investment opportunity.
The best part is that ResCap is open to working with first-time or newer real estate investors. Of course, you might be held to a higher credit standard and have a bit more cash on hand. But, they will look at the deal you have and, if the numbers make sense, they will support you through the rehab.
Finance of America
The nationwide hard money lender, Finance of America, makes its services available to Pittsburgh real estate investors. This lender prides itself on being flexible and touts the ability to design loans that are tailor-made for your project. And, this company knows the real estate investment market; they can broaden your network by connecting you with a range of other professionals like settlement companies.
Billing itself as America’s largest fix and sell lender, LendingHome is willing to cover your deal whether it’s your first rehab project or your 100th. There are different types of loans based on your investing experience. If you are looking to fund your first, second, or third investment, there’s a starter loan that finances 100% of the rehab costs. You also get advice and guidance, which may prove invaluable. For those who have done four or more deals in the past two years, you only have to be underwritten once a year and can close on the loan in about five days without an appraisal.
All of these hard lenders in Pittsburgh provide great service and support but choosing the one that’s right for your particular project takes a little digging around. Luckily, for Rob—and you—there’s a way to make that easy, too.
Connecting With Hard Money Made Even Easier
When I first came home to buy properties in up and coming neighborhoods around Pittsburgh, looking for hard money lenders was first on my list. I wanted to grow relationships that would support my goal of buying at least ten houses that first year. I did find the best hard money lenders—but, I also found something else: an easier way to connect with them.
As a HomeVestors® franchisee, the best hard money lenders all across PA are right at my fingertips. When I have a deal, all I have to do is input the numbers in UGVilleSM from my iPad and, often within minutes, hard money offers start rolling in. I can choose the terms and rates that make the most sense for my project.
Whether you are new to real estate investing, like Rob, or have been around the block a lot, like me, becoming a HomeVestors® franchisee can help you access capital to grow your professional business. Call HomeVestors today to learn how you can have hard money lenders competing for your deals in no time.
Each franchise office is independently owned and operated.