Why It Made the Cut: Lima One Capital offers all-around excellence because it doesn’t have any glaring weaknesses that would prevent many people, including first-time house flippers, from using its financing services.
With a wide coverage area, Lima One Capital supports both first-time and experienced house flippers, and it offers a multitude of lending options. More options allow borrowers to tailor their loan according to their financial situation, property type, property use, and real estate goals.
Interest rates on Lima One Capital loans vary greatly, and first-time flippers may be on the receiving end of a higher rate than experienced flippers. The company’s minimum credit score requirement of 660 is on the higher end for hard money lenders, but borrowers can still potentially qualify for a loan even if they don’t have a sterling credit history.
In addition, while an online portal is not in and of itself unique, Lima One’s customer dashboard is very intuitive, clearly laid out, and easy to navigate. Also, the company provides free market analysis materials to help borrowers stay up to date on local real estate trends and identify locations that present opportunities for profitable house flips.
- Coverage Area: 46 states and Washington, D.C.
- Loan Amount: $75,000 to $3,000,000
- Minimum Credit Score: 660
- Interest Rate: 7.99 percent to 12 percent
- Approval Time: 10 days
- Loan Length: 13, 19, or 24 months
- Large service area covering 46 states and Washington, D.C.
- Wide selection of loan types, options, and terms available
- User-friendly online customer dashboard
- Detailed market analysis available online for each coverage area
- Relatively high minimum credit score requirement of 660