When you need fast cash or financing that a conventional bank won’t provide, hard money is often a good alternative. If you have equity in your real estate, a hard money lender can provide you with a loan that uses your property as collateral. A hard money lender is not bound by the same restrictions as a conventional bank, which means they can move faster and finance properties that banks cannot. As long as you have equity and a plan for paying back your loan, talking to a hard money lender is a good first step toward getting the funds you need.
Who Uses Hard Money Loans?
Hard money lenders provide funds for a broad range of purposes, including:
- Bridge loans
- Fix-and-flip loans
- Residential rehabs
- Bail out loans
- Buy and hold loans
- Special purpose properties
Small business owners, real estate investors, first-time flippers, and seasoned developers all use hard money loans to purchase property, cover rehab expenses, and more. Socotra Capital has funded deals in over a dozen states and helped our clients purchase homes, hotels, mixed-use properties, and more.
The Socotra Capital Lending Process
As a direct balance sheet lender, we are your one-stop shop for private money. The process starts with a simple introduction and interview about the loan scenario. Once we've gathered enough information, our loan committee is right next door to review the scenario and approve the terms. If the terms are acceptable to the borrower or broker, we move on to get any valuation or environmental reports engaged.
While those are underway, our all-star transaction coordinating team will gather any items we need to close. Our in-house funding department draws up our loan documents and gets the necessary documentation to title. After closing, our in-house servicing team is only a phone call away for any servicing or support questions that you may have. All of this combined allows us to offer the Turbo Close in five days or less.
Socotra Capital Reviews
One of the best ways to learn what it’s like to work with us is to hear from happy clients. Here are a handful of testimonials from actual clients to give you a snapshot of their experiences.
Complexity
“I’ve been working with the team at Socotra Capital for some time now. No matter where on [the] complexity range your project falls, you can bank on the focus and expertise of this group. The more challenging the project, the higher the probability of success.”
—John Leonard, Leonard Development Company
Creativity
“As one of Sacramento’s top apartment agents I see all types of properties and am often faced with the challenge of locating the appropriate financing to make a sale possible. When traditional financing is not an option and creativity is needed to make a deal happen I know I can call on Socotra Capital. I count on them to provide financing options not otherwise available in the marketplace for properties that have been mismanaged or require renovation and for those buyers who are getting back on their feet financially. The background of the leadership team at Socotra Capital includes a former real estate broker and mortgage lender, giving them the experience necessary to understand a wide range of deals and ultimately perform when other lenders cannot. When I need hard money or a bridge loan for my clients the only company I use is Socotra Capital.”
—Aaron J. Frederick, Colliers International
Commitment
“I appreciate & enjoy working on each & every project I have brought your way. Your professionalism is outstanding, the attention to detail has been greatly appreciated and your efforts to “go to bat” for myself and partners is above reproach! …it was your “original contact” that brought me to you for the purchase of our project on Mill St. in Reno, Nevada. You jumped through hoops and made it happen in less than a month… that was impressive! Socotra Capital has been my “go to” lender for any of our acquisition projects and will continue to be so! My thanks go out to you and your whole team at Socotra Capital. I look forward to bringing you more acquisition projects in the future.”
—Michael Mardian, Mardian Development Company
Get Financing with Socotra Capital
If you’re looking for hard money financing for a specific project, fill out our short form to start the application process. Our team always acts fast because we know how important it is to move quickly when an investment opportunity arises.
If you'd like to learn more about hard money and how you can use it to fund your next deal, read The Borrower’s Guide: Process, Preparedness, and Timeline.
