Fast funding from a hard money lender like Little City Investments will cost more than a conventional lender, but the speed, convenience, and confidence we can provide to savvy real estate investors is unmatched.
Little City Investments has closed a hard money loan in as little as 24 hours before and we regularly close deals in 5 days. We don’t require anywhere near the documentation a conventional lender would ask for and we’re not subject to changes in rules and criteria.
45-day closings are often promised but rarely happen with conventional lenders. Most loans take 60+ days from inquiry to funding. Hard money lenders like Little City are often closing loans in 5 days.
Speed isn’t a feature in the real estate business, speed IS the deal.
If you can close quickly and confidently, you can demand the best possible price from your seller. Hard money makes that easier, providing confidence in on-time financing for investment real estate. The difference for a seller between funding a real estate sale in 5 days or 50 days is enormous for many people, and will almost certainly affect your negotiated price.
As a direct hard money lender, you can count on Little City to get your deal funded quickly. Our underwriting decision is not made by a loan committee. We drive all our own lending decisions, and we control our own capital. We aim for same-day term sheets so you can make a quick decision. If the deal makes sense, we can probably lend on it.
Convenience: your time is money.
If you’ve applied for a conventional mortgage (or your spouse has) you may already know that it can feel like a part-time job. The documentation upload requests and forms seem endless and pointless, but more importantly, they are very time-consuming.
Hard money lenders are far more convenient. Little City has a 3-minute online application. We only require a personal financial statement (PFS) for loans over $500k. Our application is often the only documentation we require.
Most of our borrowers can (and do) qualify for cheaper, conventional loans, but hard money lenders excel at quick closings. We also have very low documentation requirements, so the time commitment for our borrowers is very minimal.
Confidence: fast cash offers that close.
How many times have you been involved in a transaction where a conventional lender delayed a closing? If you’ve been in real estate for some time you probably know that it’s extremely common. Banks seem to have an endless need for more documents, disclosures, or some final round of internal review or approval. Little City commits to closing your loan within 2 weeks and we can often close in 5 days. We know you can’t always request more time from the seller to close, and we always aim to overachieve with speed.
Conventional lenders will delay your loan and then eventually say no for infinite reasons or even for no reason at all. It’s risky to depend on a conventional lender to get every deal done for you. Lending criteria change quickly and without notice. A bank that is lender-friendly to your real estate business today might not be as friendly tomorrow.
Bonus: happy sellers.
If you’ve been in the real estate business long enough, you’ve probably seen a lender back out or change the deal on the borrower at the finish line. A lender may approve 2 or 3 loans for a borrower and then on the 4th deal, decline to lend to the borrower for reasons that were present all along. As the borrower, you have no way of preventing this kind of delay from a conventional lender.
Hard money enables you to make the fast cash offers that keep sellers happy. You can be confident your hard money lender will fund at least 70% of the property value, even if your personal financial position has changed. Our repeat customers know they can count on Little City to fund their deals quickly and confidently.
Smart real estate investors use hard money because of its speed, convenience, and the confidence we can provide with your offers. Our low-doc real estate loans are painless, fast, and reliable. Conventional lenders can’t compete with our short application, quick closings, or direct decision-making power. Hey, they are cheaper though.
Can we fund your next real estate deal in Texas? Let’s get started.