A hard money loan is a type of asset-based loan financing through which a borrower receives funds secured by real property.

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We lend nationwide except for AZ, MN, NV, NY, SD, ND, OR & UT.

YES!  1st Truitt works with new investors every day.  The real estate investment industry has seen a huge increase in the number of active renovators over the past 10 years.  We make it a priority to build long-term relationships with those new to the industry, and are happy to take the time to educate new investors and walk you through the process from start to finish.

Yes! We will lend up to 100% of the rehab costs.

With you and the seller’s assistance, we typically fund in 10 days or less.  Our goal is for 1st Truitt to never be the delay in getting your loan closed.  Once we have a completed application and your documentation in place, we can pre-approve you.  And once we have a clear title, appraisal, and inspection report, we fund the loan. How much money do I need to bring to the table at closing? What are your loan terms? How much money do I need to put down on a property before you’ll give me a loan? Do you require collateral other than real estate?

Simple qualification process, Easier to get approved, Faster Closings, Allows for multiple deals at once, Leverages your money almost 3 to 1 verses conventional or bank financing

LTV is Loan to Value. It is a ratio of the value of the property in relation to the loan amount. ARV is After Repair Value and it is one of the ways that 1st Truitt is preferable to traditional lending. Because we loan based on the value of the improved or newly constructed property, you are able to tap into the full equity value of the completed project.

1st Truitt NEVER has a prepayment penalty on our loans!  You are permitted to pay off your loan at any time prior to its maturity date without any penalty.

Yes!  We look at your assets, financials, and your experience to get the whole picture.  We could approve you for several simultaneous loans, for a total financing package up to $2M.  Every individual property needs to be appraised and inspected, and every loan needs to stand on its own merits, but we have approved our more experienced investors for up to 7, even 12+, simultaneous loan projects at a time.  As individual loans are paid off and new loans are taken out, we would need to periodically update your financials to confirm that you have the financial standing to support the loan burden you are taking on.

Yes, 1st Truitt will provide a proof of funds letter after the potential borrower has been financially qualified.  The proof of funds letter will be contingent upon further review of the borrower and the collateral.