MM Lending is excited to announce that we are implementing a new loan operations system that will enhance our service and streamline loan management.
MM Lending is upgrading to a new loan operations system effective November 1, 2024. This will mainly affect interest payment processes and some account terms for loans closed on or after 11/1/24. Loans closed before this date will not be impacted.
ACH Payments Only: All interest payments will now be processed via ACH. You’ll be
asked to sign an Electronic Payment Authorization form as part of the loan process.
Payments received after the 5th business day of the month will be considered late and
will incur a late fee.
Yes, you will continue to receive a statement each month by the 20th. It will include
details of your interest payment, your Loan Balance, Interest Reserve Balance,
Construction Reserve Balance, and a summary of the prior month’s transactions.
Additional updates may be introduced as part of this system enhancement. MM Lending
will keep you informed of any changes as they come.
For any questions, please contact our team. We’re here to assist
you with any concerns or clarifications you may need.
Find answers to the most commonly asked questions about MM Lending.
Real estate investors use Private Lenders for their speed, flexibility, and ability to finance properties in poor condition. These loans are often short-term and are closed very quickly. Because they are short duration loans, and come with a higher degree of risk, these loans often have higher interest rates and fees compared to traditional Financing.
A hard money loan is a short-term, asset-based loan secured by real estate, where approval is primarily based on property value rather than the borrower’s creditworthiness.
The terms are often used interchangeably and refer to a non-bank lender that relies on the value of the asset to make lending decisions.
We have served thousands of real estate investors since 2005. With our same-day approvals and 10 day closings, MM Lending is how to get a fast hard money loan. Our streamlined approval process and in-house underwriting ensure you work directly with decision-makers who understand your investment strategy. We consider both financial aspects and your investment strategy to maximize your success.
An origination point is 1% of the loan amount. MM Lending collects this fee when you pay off the loan.
Yes, we require that the property be insured for normal risks (like fire and storm) and for other risks associated with a vacant property under repair. A Builders Risk policy provides the right type of coverage.
We offer a variety of loans tailored to meet the specific needs of real estate investors for residential projects, including Fix & Flip, Fix to Rent and Bridge loans.
MM Lending is a leading regional direct private lender serving thousand of real estate investors since 2005. We are not a bank and we only provide loans to real estate investors – we do not offer financing for owner occupied properties. Our mission is to serve the unique needs of real estate investors.
A fix-and-flip loan is a short-term loan secured by a mortgage used to quickly acquire a property, including financing for necessary repairs. Typically, these loans have a duration of 12 months and are used until the property is resold or refinanced.
Fix-and-flip loans are essential for real estate investors looking to buy and flip houses. These loans provide the funding needed to purchase distressed properties, renovate them, and sell for a profit. If you’re wondering who needs a fix-and-flip loan, it’s ideal for investors aiming to quickly acquire and transform undervalued properties into market-ready homes. With the right financing, flipping houses can be a lucrative investment strategy.
Yes, our fix-and-flip loans cover both the acquisition of the property and the necessary repair expenses.
Yes, we can include up to the first six months of interest payments in the loan.
We do not fund raw land.
We disburse funds in stages based on the progress of the renovation. This ensures that the repair costs are appropriately allocated throughout the project.
A rental loan is designed for investors who want to purchase or refinance properties for long-term rental income.
While requirements vary, expect to provide documentation related to your investment skill and experience and your financial qualifications, including how much cash you have to cover your portion of the investment.
We cater to a wide range of investors from those that complete an occasional Fix and Flip to experienced investors building a portfolio of rental houses.
We loan in the major metro areas in Indiana, Ohio and Kentucky.
We do not finance mobile homes. We can finance manufactured housing, as long as it is on a permanent foundation and has the appropriate HUD tag.
Yes, we encourage all Borrowers to pre qualify. Investment opportunities arise quickly and our pre-qualified Borrowers are able to rapidly and confidently make offers, knowing they are pre-approved with MM Lending.
Our process is fast, simple and free. Qualification criteria include factors such as prior rehab experience, creditworthiness and investment strategy.
Yes, for investors that have the experience and financial resources to manage multiple properties we can fund multiple loans at once. In fact, most of our borrowers have multiple loans outstanding.
Borrowers need to have adequate cash reserves for the following:
Our normal closing time frame is 7 to 10 days after we receive the purchase contract and rehab scope & budget. In certain cases, we can close faster, as long as the title work is completed.
While credit scores matter, we consider other aspects of your financial profile as well. Credit scores are important for rental loans.
Absolutely! Reach out to our team at 502-400-3011 to discuss your specific needs.
We provide convenient payment options to ensure a smooth process.
When the property is sold or refinanced, the loan can be paid off.
Yes, we lend to business entities such as an LLC, Corporation or Partnership.
Yes, we use an appraisal from a certified appraiser that has extensive experience with Fix & Flip and rental properties. Our team of appraisers are experts and determine the After Repair Value (ARV) which we use to determine the loan amount.
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